It appears that the Investment Industry Regulator Organization of Canada, or IIROC for short, has finally begun to settle matters as it relates to Gary Ng.
The matters, which were extensively covered by Deep Dive contributor Braden Macke, relate to Ng’s purchase of a stake in PI Financial, and the actions he undertook to obtain the required loans for the purchase. The regulator alleges that the fraudulent conduct occurred when Ng secured $172 million in funds from three separate lenders to fund the all-cash purchase.
As a result of his actions, Ng has been fined a total of $5.0 million by IIROC, and is now permanently banned from registration in any capacity. Ng is also being forced to pay costs of $194,000 related to the regulatory hearings.
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In declaring the fine, IIROC stated that 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.”
Ng’s actions are also said to be included in a much larger investigation also being conducted by the Ontario Securities Commission into Bridging Finance.
Information for this briefing was found via IIROC and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
