Enforcement Notice - Hearing - IIROC Holds Hearing for Gary Man Kin Ng and Donald Warren Metcalfe

VANCOUVER, BC, March 22, 2021 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Gary Man Kin Ng and Donald Warren Metcalfe.

The hearing concerns allegations against Mr. Ng that:

a)        Between November, 2018 and January, 2020, he engaged in fraudulent conduct with respect to loan financing, contrary to Consolidated Rule 1400

b)        In July 2020, he failed to cooperate with Enforcement Staff who were conducting an investigation, contrary to section 8104 of the Consolidated Rules.

The hearing concerns allegations against Mr. Metcalfe that:

a)        Between November, 2018 and January, 2020, he engaged in fraudulent conduct with respect to loan financing, contrary to Consolidated Rule 1400

b)        In August 2020, he failed to cooperate with Enforcement Staff who were conducting an investigation, contrary to section 8104 of the Consolidated Rules.

IIROC formally initiated the investigation in February 2020.

The alleged violations occurred while Mr. 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 PI Financial Corp. or Chippingham Financial Group Limited. He is an Investor (Non Trading) with Rothenberg Capital Management Inc.

The alleged violations occurred while Mr. Metcalfe was a Director and Executive with PI Financial Corp. and Chippingham Financial Group Limited. Metcalfe is no longer a registrant with an IIROC-regulated firm.

Subject to any provincial directive related to the pandemic, the hearing will be held in person and will be open to the public, unless the Panel orders otherwise.

Hearing Date: October 18 – 22 & October 25 – 29, 2021 at 10:00 a.m.

Location: Reportex 1010 – 925 West Georgia Street Vancouver, BC V6C 3L2

The Notice of Hearing and Statement of Allegations which sets out the allegations is available at: https://www.iiroc.ca/documents/2020/2ac97b90-79ed-43c2-881e-d68fef55747d_en.pdf

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

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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 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

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.

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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

Enforcement Contact: Warren Funt, Vice-President, Western Canada, 604 331-4750, [email protected]; Media Contact: Evelyn Tchakarov, Public Affairs Specialist, [email protected]

Related Links

www.iiroc.ca