Regulator rules former PI Financial owner Gary Ng fraudulently obtained a loan to finance his purchase of the brokerage firm

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Canada’s securities watchdog has found that Gary Ng, the former owner of PI Financial Corp. and a former co-owner of Bridging Finance Inc., committed fraudulent conduct with loans he used to finance the purchase of several investment advisory firms

The Investment Industry Regulatory Organization of Canada published a public notice this week saying a penalty hearing for Mr. Ng has been scheduled for May 27 after a hearing panel ruled on May 9 that he had engaged in fraudulent conduct.

Earlier this year, Mr. Ng was charged by the RCMP’s Integrated Market Enforcement Team , with one count of fraud over $5,000 and one count of laundering the proceeds of crime. A large portion of that debt was used to finance Mr. Ng’s purchase of several investment advisory firms, the most significant of which was his 2018 acquisition of PI. Mr. Ng paid $100-million in an all-cash deal to acquire the Vancouver-based dealer, which offers investment-banking and wealth-management services and had $4.5-billion in assets under management at the time.

 

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As always, the honourable chimpanzee policy makers set policies, as they still have their job, with full benefits, and contributing towards their retirement plan, yet many ordinary people's lives are affected by such policies! The problem is within the system itself!

Shocking.

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