Subject: LAW
Decision Notice - CIRO Hearing Panel Issues Reasons for Decision on Penalty in the matter of Donald Warren Metcalfe
TORONTO, March 6, 2024 /CNW/ - Following a penalty hearing held pursuant to the Investment Dealer and Partially Consolidated Rules on January 30, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on penalty in the matter of Donald Warren Metcalfe.
The hearing panel imposed a fine of $2,500,000 and a permanent bar on approval in any capacity on the respondent. Donald Warren Metcalfe is also required to pay costs in the amount of $68,908.
The penalty decision, dated February 21, 2024, can be found at:
In an earlier decision, dated December 11, 2023, the hearing panel found that Donald Warren Metcalfe engaged in and enabled fraudulent conduct committed by Gary Man King Ng with respect to loan financing and failed to cooperate with an investigation.
The decision on liability can be found at:
The violations occurred while Donald Warren Metcalfe was a Director and Executive with PI Financial Corp. and Chippingham Financial Group Limited. The respondent is no longer a registrant with a CIRO-regulated firm.
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)
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