IIROC Sanctions Gary Man Kin Ng

Type: Enforcement Notice> Decision


Richard Korble
Vice President, Western Canada
Julia Mackenzie
Public Affairs Specialist

June 01, 2022 (Vancouver, British Columbia) – Following a penalty hearing held on May 27, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalty on Gary Man Kin Ng:

  1. A fine of $5,000,000; and
  2. A permanent ban from registration in any capacity.

Ng is also required to pay costs in the amount of $194,000.

In an earlier decision dated May 9, 2022, the Hearing Panel found that Ng acted contrary to Consolidated Rule 1400 and section 8104 of the IIROC Consolidated Rules. Ng was found to have engaged in fraudulent conduct with respect to loan financing, and to have failed to cooperate with Enforcement Staff who were conducting an investigation.

The Hearing Panel’s penalty decision and liability decision dated May 9, 2022 will be made available at www.iiroc.ca.

IIROC formally initiated the investigation in February 2020. The alleged violations occurred while Ng was a Director, Investor, Executive, and Registered Representative with PI Financial Corp. and a Director, Executive, and Registered Representative with Chippingham Financial Group Limited, both IIROC-regulated firms. Ng is no longer a registrant with an IIROC-regulated firm.

*  *  *

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.


Other Notices associated with this Enforcement Proceeding:

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.