CIRO Hearing Panel issues Reasons for Decision in the matter of Sungsoo (Steve) Lee

VANCOUVER, BC, Dec. 28, 2023 /CNW/ - Following a settlement hearing held on March 20, 2023, in Vancouver, British Columbia, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules accepted the settlement agreement dated March 17, 2023, between CIRO's Enforcement Staff and Sungsoo (Steve) Lee.

The hearing panel's reasons for decision, dated December 18, 2023, are available at:

Re Lee, Sungsoo (Steve) 2023 CIRO 42

In its reasons for decision, the hearing panel confirmed the sanctions imposed on Sungsoo (Steve) Lee:

• a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member, pursuant to section 24.1.1(e) of MFDA By-law No. 1 (now Mutual Fund Dealer Rule 7.4.1.1(e));
• a fine in the amount of $35,000 ("Fine");
• costs in the amount of $5,000 ("Costs");
• payment of the Fine and Costs shall be made in instalments as follows:
  • $10,000 (Fine) on March 20, 2023;
  • $5,000 (Costs) on March 20, 2023; and
  • $25,000 (Fine) on or before September 23, 2023.

During the period described in the Notice of Hearing, Sungsoo Lee conducted business in the Burnaby, British Columbia area.

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.

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.

SOURCE Canadian Investment Regulatory Organization (CIRO)