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by Mike Caswell

The Canadian Investment Regulatory Organization has filed a case against former Ventum Financial Corp. employee Harry Liu, claiming that he misappropriated money from a client. Among other things, Mr. Liu used the client's identity to obtain a $268,400 mortgage and failed to account for client money in the amount of $52,695, CIRO says. Mr. Liu's conduct was "unbecoming or detrimental to the public interest," CIRO contends.

The allegations are contained in a notice of hearing that CIRO released on Tuesday, April 8. The sole respondent is Mr. Liu, whose formal name is Yi Cun Liu. He was an employee of Ventum and its predecessor, PI Financial Corp., until the firm fired him in July, 2024, the notice states.

The events at issue, as set out by CIRO, go back to late 2019, when Mr. Liu took over the accounts of the client. Mr. Liu subsequently had access to copies of the client's identification, including a passport, CIRO says. The client also appears to have had some trust in Mr. Liu, as Mr. Liu had a key to the client's home while the client was away, the notice states.

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