The Investment Industry Regulatory Organization of Canada has permanently banned a former Vancouver rep and fined him $150,000.
Following a disciplinary hearing on February 29, an IIROC hearing panel found Sammy Shieh Lung Pan liable for breach of IIROC rules in loaning money to a client without the consent of his firm, and failing to make diligent inquiries to determine the source or destination of numerous large deposits and withdrawals to and from that client’s account. Then, when his firm made inquiries regarding the source of the client’s deposits, Pan made misrepresentations which hid the fact he was one of the sources.
The alleged violations occurred between October 2007 and July 2009 when he was a registered representative at the Vancouver, B.C. branch of PI Financial Corp.
In it’s decision dated April 27, the panel imposed on Pan a permanent ban from registration in any capacity with IIROC; and fined him $150,000. Pan is also required to pay $15,000 in costs.
IIROC formally initiated the investigation into his conduct in April 2010. Pan has not been registered in any capacity with an IIROC-regulated firm since October 2009.