Decision Notice – CIRO Sanctions Lifan Song

WINNIPEG, MB, Feb. 23, 2024 /CNW/ – On February 6, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Lifan Song.

Lifan Song admitted he failed to report to the Dealer Member complaints that he received from clients, and without the prior written consent of the Dealer Member, paid compensation to clients. Lifan Song also provided a false or misleading response to the Dealer Member during its investigation into his conduct.

Pursuant to the settlement agreement, Lifan Song agreed to the following sanctions:

a prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO that is registered as a mutual fund dealer for a period of 6 months; anda fine in the amount of $20,000.

Lifan Song also agreed to pay costs in the amount of $5,000.

The Settlement Agreement is available at:

Song, Lifan – Settlement Agreement

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

Lifan Song conducted business with Investors Group Financial Services Inc. in the Winnipeg, Manitoba area. He 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)