The actual collateral he owned might have amounted to only C$1.9 million, IIROC said. Ng and Metcalfe resigned from PI Financial in February after the firm raised concerns with the regulator. “We identified unusual correspondence during an unrelated document request, immediately alerted our regulators, and have been cooperating with IIROC on its investigation,” Jean-Paul Bachellerie, chief executive officer of PI Financial, said in an email. Ng’s first purchase of a financial firm was a Toronto-based father-and-son shop which he renamed Chippingham Financial Group Ltd., an amalgam of British terms for trading and hamlet. PI was sold this summer to a joint venture controlled by two investment firms, H.I.G.

Source: The Standard November 26, 2020 03:42 UTC