Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Sam Hsiao-Tse Yang

CALGARY, AB, April 10, 2024 /CNW/ - Following a settlement hearing held on March 15, 2024 pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Sam Hsiao-Tse Yang:

a)  engaged in cryptocurrency trading and carrying on an ongoing business relationship with a cryptocurrency-related business, and

b)  engaged 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 firm.

The hearing panel's reasons for decision, dated March 26, 2024, are available at:

Re Yang 2024 CIRO 44

In its reasons for decision, the hearing panel confirmed the sanctions imposed on Sam Hsiao-Tse Yang. In particular:

a)  a fine of $45,000,

b)  a suspension for nine months,

c)  a six-month close supervision upon registration with CIRO, and

d)  a requirement to rewrite of the Conduct and Practices Handbook exam prior to registration with CIRO.

The respondent is also required to pay costs in the amount of $5,000.

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)