October 11, 2023 (Toronto, Ontario) – A settlement hearing in the matter of Matthew James Ewonus (the “Respondent”) was held electronically by videoconference on March 21, 2023 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific District Hearing Committee of the Canadian Investment Regulatory Organization (“CIRO”).
The Hearing Panel accepted the settlement agreement dated March 20, 2023 (the “Settlement Agreement”), between Staff of the CIRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- shall be suspended from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of six months, commencing on March 27, 2023;
- a fine in the amount of $30,000 (“Fine”); and
- costs in the amount of $5,000 (“Costs”).
In the Settlement Agreement, the Respondent admitted that:
- Between March 23, 2020 and March 24, 2020, he offered compensation to a client in response to a complaint without the prior written consent of the Member, contrary to the Member’s policies and procedures, and MFDA Rules 1.1.2 (as it relates to Rule 2.5.1), 2.1.1, and 2.1.4, and MFDA Policy No. 3 (now Mutual Fund Dealer Rules 1.1.2, 2.5.1, 2.1.1, 2.1.4 and 300);
- Between March 23, 2020 and March 24, 2020, he provided a guarantee to a client of a specific result that she would receive from her investments, contrary to the Member’s policies and procedures, and MFDA Rules 2.1.1, 2.1.4, and 1.2 (as it relates to Rule 2.5.1) (now Mutual Fund Dealer Rules 2.1.1, 2.1.4, 1.1.2, and 2.5.1); and
- Between March 30, 2020 and October 9, 2020, he made false or misleading statements to the Member and MFDA Staff during the course of an investigation into his conduct, contrary to the Member’s policies and procedures and MFDA Rule 2.1.1 (now Mutual Fund Dealer Rule 2.1.1);
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Kelowna, British Columbia area.
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.