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.
|Hearing Date:||February 29, 2012 at 10:00 a.m.|
|| Reportex Agencies Ltd.
925 West Georgia Street, Suite 1010
Specifically, the allegations are that:
|(a)||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.|
|(b)||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 Pan failed to make diligent inquiries regarding the source or destination of funds being deposited to, or withdrawn from a client's account contrary to IDA Regulation 1300.1 (a) and IIROC Dealer Member Rule 1300.1 (a).|
|(c)||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.|
|(d)|| 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 account.
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 IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at
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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.
For further information:
Vice President, Western Canada
Director, Public Affairs