CIRO Sanctions Donald Warren Metcalfe

24-0054
Type:
Decision Notice
Rulebook connection
IDPC Rules

Contact

Vancouver (British Columbia), February 6, 2024 – Following a penalty hearing held on January 30, 2024 pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) imposed the following sanctions on Donald Warren Metcalfe:

  1. a fine of $2,500,000; and
  2. a permanent bar to approval in any capacity.

Donald Warren Metcalfe is also required to pay costs in the amount of $68,908.

The decision of the hearing panel will be made available at www.ciro.ca.

In an earlier decision on liability, issued December 11, 2023, the hearing panel found that Donald Warren Metcalfe:

  1. engaged in and enabled fraudulent conduct committed by Gary Man King Ng with respect to loan financing; and
  2. failed to attend an interview with Enforcement Staff and failed to cooperate with an investigation.

The liability decision is available at Re Metcalfe 2023 CIRO 38.

The violations occurred while Donald Warren Metcalfe was the President and Chief Operating Officer of Chippingham Financial Group Limited and later the Executive Vice Chairman and a Director of PI Financial Corp. 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.

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24-0054
Type:
Decision Notice
Rulebook connection
IDPC Rules

Contact

Other Notices associated with this Enforcement Proceeding: