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Toronto (Ontario), March 27, 2024 – A hearing has been scheduled before a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Investment Dealer and Partially Consolidated Rules to set a date for a disciplinary hearing in the matter of Echelon Wealth Partners Inc. (Echelon) and Stephen Burns.
The hearing is open to the public unless the panel orders otherwise. The decision of the hearing panel will be made available at www.ciro.ca.
Initial Appearance Date: May 29, 2024 at 10:00 am (Eastern Time)
Location: Toronto, Ontario by videoconference
Members of the public who would like to obtain further particulars should fill out this questionnaire.
The hearing concerns allegations that Echelon and Stephen Burns:
- 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,
- failed to act as gatekeepers in relation to the trading activity in US Over-the-Counter (OTC) securities by the foreign broker-dealers, and
- failed to establish, maintain, and enforce an adequate system of controls and supervision in relation to US OTC trading.
The Notice of Hearing and Statement of Allegations, which set out the allegations, are available at:
Echelon Wealth Partners Inc. and Stephen Burns – Notice of Hearing and Statement of Allegations
The allged violations occurred while Stephen Burns was a Registered Representative with Echelon where he is still employed in a registered capacity. Echelon has been a Dealer Member with CIRO and its predecessors since April 8, 2010.
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.
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.
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