This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The Canadian Investment Regulatory Organization has imposed an 18-month ban and a $150,000 fine on Joseph Debus, a former Echelon Wealth Partners Inc. employee who violated conflict of interest rules. CIRO said that he failed to report multiple share transactions in Zoompass Holdings Inc., an OTC Markets listing that promoted blockchain and digital payment technologies. He sold Zoompass shares through accounts in his wife's name while having clients purchase the stock at the same time, and did so despite being under strict supervision.

The penalties for Mr. Debus are contained in a decision that CIRO released on Friday, Nov. 1. In addition to the $150,000 fine, CIRO has ordered Mr. Debus to pay $20,000 in costs. He will be barred from working in a registered capacity during his 18-month suspension, and must pass the Conduct and Practice Handbook examination before returning.

The penalties stem from transactions in Zoompass Holdings, a company that in 2020 claimed to be "a global innovator in the SaaS world, focused on next generation web-based technologies and software solutions for both private and public sectors." According to CIRO, Mr. Debus was a strong supporter of the company, and controlled accounts in his wife's name that held a large number of shares. The problems, as set out by CIRO, arose when he sold those Zoompass shares, with the sales coming while his clients purchased the stock.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS