03:49:17 EDT Mon 27 Jun 2022
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IIROC finds against PI Financial's ex-owner, Ng

2022-05-17 20:47 ET - Street Wire

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has found that former PI Financial Corp. owner Gary Ng engaged in fraudulent conduct with loans that he took out to buy PI in 2018. IIROC said that Mr. Ng falsified documents in support of loans totalling $172-million. Among other things, he altered the names on account statements, making it appear that he held assets that did not belong to him, IIROC claimed.

The finding against Mr. Ng is contained in a decision that IIROC has yet to publish. The regulator issued a brief news release on Tuesday, May 17, stating that a panel had found him liable and that IIROC would convene a penalty hearing. In particular, IIROC found that Mr. Ng's conduct with respect to a loan financing was fraudulent, and that he failed to co-operate with IIROC's investigation into the matter.

The findings come as part of a case that IIROC filed on Nov. 24, 2020. The matter goes back to 2018, when Mr. Ng entered an agreement to purchase PI. The deal saw PI's then-chairman and vice-chairman, Max Meier and John Eymann, depart the firm that they had founded in 1982. (The firm was mostly owned by its employees, and had been partly owned by National Bank Financial for a time.) In closing the deal, Mr. Ng cheered PI's "enormous potential" and its "well-deserved reputation for integrity."

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