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by Mike Caswell

PI Financial Corp. employees Teymur Englesby and Cale Nishimura, who previously defeated a case brought by the Canadian Investment Regulatory Organization over suspicious trades, are not yet clear of the matter. CIRO enforcement staff have won a review decision in the matter, in which CIRO had accused Mr. Englesby and Mr. Nishimura of failing to spot red flags in the accounts of a group of clients. The clients deposited large quantities of shares and then sold the stock within days, often in transactions that were uneconomic.

The case has been subject to much legal back-and-forth, with Mr. Englesby and Mr. Nishimura previously winning before a CIRO tribunal. Unfortunately for the men, CIRO sought a review by a higher body, with that higher body being the B.C. Securities Commission. In a decision released on Tuesday, April 8, the BCSC has found that the prior decision contained legal errors, and has submitted the matter back to the CIRO panel for another look.

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