Decision Notice - CIRO Sanctions Joseph Debus

TORONTO, Nov. 1, 2024 /CNW/ - Following a sanctions hearing held on September 19, 2024 pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) imposed the following sanctions on Joseph Debus:

1. 1. 1. a suspension from approval and registration with CIRO for 18 months,
      2. a fine of $150,000,
      3. a bar from applying for approval or registration with CIRO unless and until all outstanding fines and costs are paid in full, including the sanctions and costs imposed in the prior proceeding,
      4. a requirement to re-write the Conduct and Practice Handbook examination, and all other courses required to qualify as a Registered Representative and/or Portfolio Manager within six months of an application for approval or registration with CIRO.

Joseph Debus is also required to pay costs in the amount of $20,000.

The sanctions decision can be found at:

Re Debus 2024 CIRO 74

In an earlier decision, dated August 1, 2024, the hearing panel found that Joseph Debus:

1. 1. 1. failed to identify and address a material conflict of interest,
      2. violated the terms of his strict supervision by not bringing transactions for his Dealer Member's approval, and
      3. facilitated off-book transactions without the knowledge or approval of his Dealer Member.

The hearing panel's liability decision is available at: Re Debus 2024 CIRO 65.

The violations occurred while Joseph Debus was a Registered Representative with Echelon Wealth Partners Inc. Joseph Debus is not currently employed in the investment industry.

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.

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)

Kate Morris, Senior Corporate Communications and Public Affairs Specialist, [email protected], Phone: [phone]