CIRO Hearing Panel issues Reasons for Decision in the matter of Ken Kin Kit Lui and Devina Master

Toronto (Ontario) July 30, 2025 – Following a disciplinary hearing held on June 11, 2025, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules issued its reasons for decision in the matter of Ken Kin Kit Lui and Devina Master on July 24, 2025. The panel found that:

1. Ken Lui engaged in outside activities that were not disclosed to or approved by the Dealer Member,
2. Ken Lui and Devina Master engaged in personal financial dealings with clients giving rise to conflicts or potential conflicts of interest that they failed to disclose to the Dealer Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the clients, and
3. Ken Lui and Devina Master failed to cooperate with an investigation by CIRO Staff into their conduct.

The hearing panel imposed the following sanctions on Ken Lui:

1. a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and
2. a fine of $770,947.17.

Ken Lui is also required to pay costs in the amount of $25,000.

The hearing panel imposed the following sanctions on Devina Master:

1. a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and
2. a fine of $150,000.

Devina Master is also required to pay costs in the amount of $15,000.

The hearing panel’s reasons for decision are available at:

Re Lui and Master CIRO 36

The violations occurred while Ken Lui and Devina Master were Registered Representatives with the Toronto, Ontario branch of CIBC Securities Inc. Ken Lui and Devina Master are not currently registered in the securities industry in any capacity.