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by Mike Caswell

The Canadian Investment Regulatory Organization has fined and banned Warren Metcalfe, the former vice-chairman of PI Financial Corp., over a $172-million loan fraud from 2018. CIRO said that Mr. Metcalfe helped PI's former owner, Gary Ng, borrow money based on doctored account documents. Those documents showed Mr. Ng as the purported owner of accounts that were worth tens of millions of dollars.

The penalties for Mr. Metcalfe, released by CIRO on Tuesday, Feb. 6, include a fine of $2.5-million. CIRO has also permanently banned him from approval in any capacity, effectively barring him from working in the brokerage industry. Mr. Metcalfe must also pay $68,908 in CIRO's costs.

Mr. Metcalfe's violations go back to 2018, when he was the president of Chippingham Financial Group Ltd., a Winnipeg firm that Mr. Ng owned. At the time, Mr. Ng was looking to purchase PI and was seeking loans to complete the deal. In order to borrow the money, he pledged Chippingham accounts as security for those loans.

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