Latest news with #UniversalMarketIntegrityRules
Cision Canada
2 days ago
- Business
- Cision Canada
Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Echelon Wealth Partners and Stephen Burns Français
TORONTO, Aug. 6, 2025 /CNW/ - Following a settlement hearing between CIRO Enforcement Staff, Echelon Wealth Partners Inc. (Echelon), now known as Ventum Financial Corp. (Ventum), and Stephen Burns, held on June 25, 2025 pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on July 30, 2025. The hearing panel found that: Echelon: (a) failed to use due diligence to learn and remain informed of the essential facts relative to the accounts and orders of four foreign broker-dealers, (b) failed to act as a gatekeeper in relation to the trading activity in US Over-the-Counter (OTC) securities by the foreign broker-dealers, and (c) failed to establish, maintain, and enforce an adequate system of controls and supervision in relation to the US OTC trading. Stephen Burns: (a) failed to use due diligence to learn and remain informed of the essential facts relative to the accounts and orders of four foreign broker-dealers, and (b) failed to act as a gatekeeper in relation to the trading activity in US OTC securities by the foreign broker-dealers. Pursuant to the settlement agreement, the hearing panel agreed to the following sanctions: Ventum: (a) pay a fine of $500,000, (b) disgorge $1,700,000, (c) implement certain remedial measures, and (d) pay costs of $100,000. Stephen Burns: (a) pay a fine of $100,000, (b) be subject to a suspension of approval in any capacity for six (6) months, and (c) pay costs of $25,000. The hearing panel's reasons for decision are available at: Re Echelon & Burns 2025 CIRO 38 The violations occurred while Stephen Burns was a Registered Representative with Echelon. Stephen Burns is currently registered with Independent Trading Group Inc. Echelon has been a Dealer Member with CIRO and its predecessors since April 8, 2010 and amalgamated with Ventum in June 2024. 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 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. SOURCE Canadian Investment Regulatory Organization (CIRO)
Cision Canada
30-07-2025
- Business
- Cision Canada
Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Ken Kin Kit Lui and Devina Master Français
TORONTO, /CNW/ - 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: Ken Lui engaged in outside activities that were not disclosed to or approved by the Dealer Member, 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 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: a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and 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: a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and 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. 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 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. SOURCE Canadian Investment Regulatory Organization (CIRO)
Cision Canada
22-07-2025
- Business
- Cision Canada
Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Jonathan Thomas Jones Français
VANCOUVER, BC, /CNW/ - Following a settlement hearing held on May 30, 2025, pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on July 10, 2025. The hearing panel's reasons for decision are available at: Re Jones 2025 CIRO 34 In their reasons for decision, the hearing panel found that Jonathan Jones traded in a security by means other than the entry of an order on a marketplace and confirmed a fine of $21,000 and costs of $2,000 imposed as part of the settlement. At all material times, Jonathan Jones conducted business with Haywood Securities Inc. in the Vancouver, British Columbia area. Jonathan Jones is currently registered as a Dealing Representative with Leede Financial Inc. 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 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. All other Inquiries: Complaints & Inquiries Secure form Toll-free (Canada/US) 1-877-442-4322 SOURCE Canadian Investment Regulatory Organization (CIRO)
Cision Canada
22-07-2025
- Business
- Cision Canada
Hearing Notice - CIRO to Hold an Interim Appearance for Haimeng Wang Français
VANCOUVER, BC, July 22, 2025 /CNW/ - An interim appearance has been scheduled before a hearing panel of the Canadian Investment Regulatory Organization (CIRO) pursuant to the Mutual Fund Dealer Rules in the matter of Haimeng Wang. The interim appearance is open to the public unless the hearing panel orders otherwise. The date for the disciplinary hearing will be made available at Interim Appearance: October 15, 2025 at 10:00 a.m. (Pacific Time) Location: Vancouver, British Columbia (via videoconference) Members of the public who would like to obtain further particulars should fill out this form. The hearing concerns allegations that Haimeng Wang accessed a client's bank accounts and transferred the client's monies to herself and other individuals, thereby engaging in personal financial dealings with a client; and failed to cooperate with an investigation by CIRO Staff. The Notice of Hearing and Statement of Allegations, which set out the allegations, are available at: Wang, Haimeng – Notice of Hearing and Statement of Allegations At all material times, Haimeng Wang conducted business with TD Investment Services Inc. in the Surrey, British Columbia area. Haimeng Wang is not currently registered in the securities industry in any capacity. 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 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.
Malaysian Reserve
18-07-2025
- Business
- Malaysian Reserve
CIRO Hearing Panel issues Reasons for Decision in the matter of Jagdish Chandane
TORONTO, July 18, 2025 /CNW/ – Following a settlement hearing held on May 22, 2025 pursuant to the Mutual Fund Dealer Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on July 11, 2025. The hearing panel's reasons for decision are available at: Re Chandane 2025 CIRO 35 In their reasons for decision, the hearing panel found that Jagdish Chandane failed in his obligations regarding the proper execution of client account documents, resulting in the collection, possession, and use of pre-signed and altered client account forms. The hearing panel also confirmed a fine of $15,000 and costs of $2,500 imposed on Jagdish Chandane as part of the settlement. At all material times, Jagdish Chandane conducted business with Investia Financial Services Inc. in the Oakville, Ontario area. Jagdish Chandane is currently active in the industry as a dealing representative with Investia Financial Services Inc. 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 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. All other Inquiries: Complaints & InquiriesSecure formToll-free (Canada/US) 1-877-442-4322
