07:16:02 EDT Sat 20 Apr 2024
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CIRO fines, permanently bans Ng associate Metcalfe

2024-02-07 20:39 ET - Street Wire

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by Mike Caswell

The Canadian Investment Regulatory Organization has fined and banned Warren Metcalfe, the former vice-chairman of PI Financial Corp., over a $172-million loan fraud from 2018. CIRO said that Mr. Metcalfe helped PI's former owner, Gary Ng, borrow money based on doctored account documents. Those documents showed Mr. Ng as the purported owner of accounts that were worth tens of millions of dollars.

The penalties for Mr. Metcalfe, released by CIRO on Tuesday, Feb. 6, include a fine of $2.5-million. CIRO has also permanently banned him from approval in any capacity, effectively barring him from working in the brokerage industry. Mr. Metcalfe must also pay $68,908 in CIRO's costs.

Mr. Metcalfe's violations go back to 2018, when he was the president of Chippingham Financial Group Ltd., a Winnipeg firm that Mr. Ng owned. At the time, Mr. Ng was looking to purchase PI and was seeking loans to complete the deal. In order to borrow the money, he pledged Chippingham accounts as security for those loans.

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So do Meier and Eymann get to keep the stolen funds they received in this fraudulent transaction ?

Posted by sequential at 2024-02-08 10:54

Its funny how when I called some of these guys in the past, they blow you off like I was nothing... Look who I was talking to to, the real scums bags are ALWAYS at the top.

Posted by Thomas. at 2024-02-09 16:23