TORONTO, Jan. 14 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA) appointed pursuant to By-law 20 has imposed
discipline penalties on Chak (Jason) Ng, at all material times an approved
person with the Toronto head office of HSBC Securities (Canada) Inc., a Member
of the IDA.
In its liability decision, the Hearing Panel found that between October
and November 2004, Mr. Ng violated By-law 29.1 by unknowingly facilitating a
market manipulation in the stock of Pender International Inc. The Hearing
Panel also found that Mr. Ng violated Regulation 200.1(i)(3) by accepting
instructions from a person not authorized in writing to provide instructions
on a particular account.
In determining penalty, the Hearing Panel considered as mitigating
factors that Mr. Ng has been in the investment business for many years and
does not have a disciplinary record and that Mr. Ng cooperated fully with the
IDA, the police investigation and the investigation by his former employer.
The Hearing Panel also said that Mr. Ng had already suffered significantly for
his misconduct, as he lost his job and is currently the subject of a lawsuit
by HSBC Securities (Canada) Inc.
For his misconduct, Mr. Ng has been fined $40,000 and is required to pay
$25,000 in costs. He has been suspended for one year commencing on January 18,
2008 and must be under a six-month period of close supervision following his
suspension. In addition, Mr. Ng must rewrite and pass the exam based on the
Conduct and Practices Handbook.
Mr. Ng is currently employed with the Toronto branch of Research Capital
Corporation, a Member of the IDA.
The Investment Dealers Association of Canada (IDA) is the national
self-regulatory organization of the securities industry. The IDA's mission is
to protect investors, foster market integrity and enhance the efficiency and
competitiveness of the Canadian capital markets. The IDA enforces rules and
regulations regarding the sales, business and financial practices of its
Member firms and their approved persons. Investigating complaints and
disciplining Members and approved persons is part of the IDA's regulatory
role. It is IDA policy to ensure that where relevant, referrals to the
appropriate policing authority are made.
For further information:
For further information: Alex Popovic, Vice-President, Enforcement,
(416) 943-6904 or firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement
Litigation, (416) 943-6996 or email@example.com