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by Mike Caswell

The Canadian Investment Regulatory Organization has determined that former Echelon Wealth Partners Inc. employee Joseph Debus broke conflict of interest rules with his handling of multiple share transactions in Zoompass Holdings Inc., an OTC Markets listing that promoted blockchain and digital payment technologies. CIRO says that Mr. Debus sold Zoompass shares through accounts in his wife's name while having clients purchase the stock at the same time. He did so despite being under strict supervision, CIRO says.

The findings are contained in a decision that CIRO released on Aug. 29, 2024. The sole target of the case is Mr. Debus, who had worked in the industry for 27 years. His employers included Blackmont Capital Inc., Mackie Research Capital Corp. and most recently Echelon Wealth Partners Inc., where he worked until the firm fired him on Jan. 24, 2022. For much of his time at Echelon, he was under strict supervision as a result of a prior disciplinary case. (In 2019, CIRO found that he engaged in off-book trading, unauthorized trading and discretionary trading.)

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