Chippingham Financial Group Responds to Misleading and Incomplete Media Coverage On Our History

TORONTO, Dec. 14, 2020 /CNW/ - Chippingham Financial Group commented on the misleading and incomplete article in the Globe and Mail on Dec 6, 2020 titled "Gary Ng's firm under scrutiny before deal for PI Financial".  The article is incomplete and contains numerous inaccuracies and mischaracterizations, which Chippingham believes do not provide an accurate retelling of Chippingham's record as an independent brokerage operating in Canada.

The following points are important to consider:

• Chippingham is described as Gary Ng's firm. Gary Ng ceased being a shareholder on December 17, 2015.  The firm was wholly owned by Sepoy Wong  and other employees.
• Chippingham was not in Early Warning status as suggested in the article.  Though this would not have been devastating and many other firms have recovered from it - a capital injection from Ng and Wong, along with the tremendous efforts of the Chippingham team allowed the firm to recover and by 2018 it was operating under normal conditions.
• The article suggests that Gary Ng is the source of all the difficulties at Chippingham, whereas in fact, the company had a rogue President who directly caused most of the problems described in the article. That individual breached his fiduciary duty as an officer and director prior to his defection to another firm and was subsequently fired. 
• The article highlights that payments were missed or not made to Laidlaw as representative of this transaction. In fact, IIROC controlled the repayment schedule and upon their approval, Chippingham paid back 100% of his subordinated loan including all obligated interest per the tri-party uniform subordinated loan agreement.
• The way the article characterizes the second lawsuit is factually and summarily inaccurate. In fact, it was a countersuit and there was never an allegation of fraudulent conveyance by any party to the Lawsuit.

About Chippingham Financial Group

Chippingham Financial Group (CFG) was a Type II Introducing Broker clearing through the National Bank/Correspondent Network, owned by Mr. Wong. In 2012, Chippingham Financial Group acquired Kernaghan Securities, with the vision of building the firm into a National Institution providing retail clients a premium full service investment and trading experience. The new team expanded the firm from one branch in Toronto to six branches stretching coast to coast. The firm serviced clients in Vancouver, Calgary, Winnipeg, Burlington, Toronto and the Greater Toronto Area, and Moncton.

SOURCE Chippingham Financial Group

Chippingham Financial Group