Decision Notice - CIRO Sanctions Sam Hsiao-Tse Yang

CALGARY, AB, April 2, 2024 /CNW/ - On March 15, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) held a hearing pursuant to the Investment Dealer and Partially Consolidated Rules and accepted a settlement agreement, with sanctions, between Enforcement Staff and Sam Hsiao-Tse Yang.

Sam Hsiao-Tse Yang admitted the following contraventions of CIRO's requirements:

1. 1. 1. engaging in cryptocurrency trading and carrying on an ongoing business relationship with a cryptocurrency-related business, and
      2. engaging in personal financial dealings by selling his personal cryptocurrency assets to three clients and borrowing money from a client to finance his cryptocurrency trading, without the knowledge or approval of his Dealer Member.

Pursuant to the settlement agreement, Sam Hsiao-Tse Yang agreed to the following sanctions:

1. 1. 1. a fine of $45,000,
      2. a suspension for nine months,
      3. a six-month close supervision upon registration with CIRO, and
      4. a requirement to rewrite of the Conduct and Practices Handbook exam prior to registration with CIRO.

Sam Hsiao-Tse Yang also agreed to pay $5,000 in costs.

The Settlement Agreement is available at:                                 

Yang, Sam ? Settlement Agreement

The hearing panel's decision will be made available at www.ciro.ca.

The violations occurred while Sam Hsiao-Tse Yang was a Registered Representative with the Edmonton, Alberta branch of RBC Dominion Securities Inc. Sam Hsiao-Tse Yang is not currently working in a registered capacity 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)