Skip to content
Join our Newsletter
Join our Newsletter

Man fined $5M for fraudulently purchasing Vancouver investment firm

Winnipeg native used phoney collateral to pull off purchase of Vancouver firm in 2018: IIROC
garynglinkedin
Gary Man Ng has been fined $5M and is permanently banned from working in the financial investment industry.

Winnipeg native Gary Man Kin Ng has been fined $5 million and permanently banned from working in the financial investment industry, following a ruling from the Investment Industry Regulatory Organization of Canada.

“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,” an IIROC hearing panel determined.

The panel issued the maximum fine it could.

Ng secured about $172 million in loans by fraudulent means and used $100 million to purchase Vancouver investment firm PI Financial in 2018.

The regulator had accused Ng and Donald Warren Metcalfe — who faces a hearing in November — of duping their lenders,

Ng personally guaranteed the loans used to buy the firm, however, “despite his representations, Ng did not actually own, control or have trading authority over the securities accounts pledged as collateral,” according to IIROC. “Instead, ownership and control of the collateral was falsified by Ng and Metcalfe.”

The IIROC proceedings are administrative and according to the Globe and Mail, the RCMP Integrated Market Enforcement Team in Ontario laid charges of fraud and money laundering against Ng in January. He is presumed innocent of any criminal charges unless or until a court rules otherwise.

gwood@glaciermedia.ca

push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks