Decision Notice - CIRO Hearing Panel finds Ken Kin Kit Lui and Devina Master liable and imposes sanctions

TORONTO, June 20, 2025 /CNW/ - Following a disciplinary hearing held on June 11, 2025, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that:

a)  Ken Lui engaged in outside activities that were not disclosed to or approved by the Dealer Member, 

b)  Ken Lui and Devina Master engaged in personal financial dealings with clients giving rise to conflicts or potential conflicts of interest that they failed to disclose to the Dealer Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the clients, and

c)  Ken Lui and Devina Master failed to cooperate with an investigation by CIRO Staff into their conduct.

The hearing panel imposed the following sanctions on Ken Lui:

a)  a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and

b)  a fine of $770,947.17.

Ken Lui is also required to pay costs in the amount of $25,000.

The hearing panel imposed the following sanctions on Devina Master:

a)  a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and

b)  a fine of $150,000.

Devina Master is also required to pay costs in the amount of $15,000.

The reasons for decision will be posted on www.ciro.ca when available.

The Notice of Hearing and Statement of Allegations, which set out the allegations, are available at:

Lui, Ken and Master, Devina – Notice of Hearing and Statement of Allegations

The violations occurred while Ken Lui and Devina Master were Registered Representatives with the Toronto, Ontario branch of CIBC Securities Inc. Ken Lui and Devina Master are not currently registered in the securities industry in any capacity.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

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SOURCE Canadian Investment Regulatory Organization (CIRO)

Media Inquiries: Ariel Visconti, Senior Corporate Communications and Public Affairs Specialist, [email protected] / 416-526-8240