VANCOUVER, Feb. 23, 2012 /CNW/ - A hearing has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC), in the matter of Sammy Shieh Lung Pan.
The hearing concerns allegations that Mr. Pan loaned one of his clients
a total of $761,000 in nine different advances, without the consent of
his firm. Mr. Pan also failed to make diligent inquiries to determine
the source or destination of numerous large deposits and withdrawals to
and from his client's account. Mr. Pan also made misrepresentations
when he hid the fact that he was a source for his client's deposits.
The hearing is open to the public, unless the panel orders otherwise.
The decision will be made available at www.iiroc.ca. Documents related to ongoing IIROC enforcement proceedings - including
Reasons and Decisions of Hearing Panels - are posted on the IIROC
website as they become available. Click here to search and access all IIROC enforcement documents.
February 29, 2012 at 10:00 a.m.
Reportex Agencies Ltd.
925 West Georgia Street, Suite 1010
Specifically, the allegations are that:
Between October 2007 and November 2008 Mr. Pan engaged in personal
financial dealings with a client contrary to IDA By-law 29.1 and IIROC
Dealer Member Rule 29.1 in that, on as many as nine occasions, he loaned money, totaling as
much as $761,000, to the client without the consent of his firm.
Between April 2008 and June 2009 Mr. Pan failed to make diligent
inquiries regarding the source or destination of funds being deposited
to, or withdrawn from a client's account contrary to IDA Regulation
1300.1 (a) and IIROC Dealer Member Rule 1300.1 (a).
In August 2008 Mr. Pan made a misrepresentation to his firm's compliance
staff contrary to IIROC Dealer Member Rule 29.1 about the source of funds deposited to a client's account, to conceal
the fact that he had personally purchased and deposited a bank draft to
the client's account.
In July 2009 Mr. Pan made a misrepresentation to his firm's compliance
staff contrary to IIROC Dealer Member Rule 29.1 when he responded to their questions about the source of funds
deposited to a client's account with a statement that concealed the
fact that he, himself, was one of the sources funding the client's
IIROC formally initiated the investigation into Mr. Pan's conduct in
April 2010. The alleged violations occurred when he was a Registered
Representative at the Vancouver Branch of PI Financial Corp, an
IIROC-regulated firm. Mr. Pan is no longer a registrant with an
The Notice of Hearing which sets out the allegations is available at
* * *
IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces
in Canada. Created in 2008 through the consolidation of the Investment
Dealers Association of Canada and Market Regulation Services
Inc., IIROC sets high quality regulatory and investment industry
standards, protects investors and strengthens market integrity while
maintaining efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and
enforcing rules regarding the proficiency, business and financial
conduct of dealer firms and their registered employees and through
setting and enforcing market integrity rules regarding trading activity
on Canadian equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or
individual registrants. It can bring disciplinary proceedings which may
result in penalties including fines, suspensions, permanent bars,
expulsion from membership, or termination of rights and privileges for
individuals and firms.
All information about disciplinary proceedings relating to current and
former member firms is available in the Enforcement section of the IIROC website. Background information regarding the
qualifications and disciplinary history, if any, of advisors currently
employed by IIROC-regulated firms is available free of charge through
the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or
marketplace-related complaints is available by calling 1.877.442.4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Western Canada
Director, Public Affairs