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CIRO Hearing Panel issues Reasons for Decision in the matter of Gary Edmond Perron and Cumberland Private Wealth Management Inc.
25-0137
Type:
Decision Notice
Contact
Calgary (Alberta), May 8, 2025 – Following a settlement hearing held on March 21, 2025, pursuant to the Investment Dealer and Partially Consolidated Rules and the Dealer Member Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on April 28, 2025.
The hearing panel’s reasons for decision are available at:
Re Perron & Cumberland 2025 CIRO 21
In their reasons for decision, the hearing panel found that Gary Edmond Perron failed to disclose and seek pre-approval for activities related to the transfer of shares and control of an offshore corporation to himself, and Cumberland Private Wealth Management Inc. (CPWM) failed to adequately address red flags and questions regarding the activities and continued to allow Gary Perron’s trading despite the red flags.
Pursuant to the settlement agreement, Gary Perron agreed to pay a fine of $200,000 and costs of $50,000, and CPWM agreed to pay a fine of $150,000.
At the time of the contraventions, Gary Perron conducted business at CPWM from the Bahamas. Gary Perron continues to work as a Registered Representative with CPWM. CPWM is a CIRO-regulated Dealer Member based in Toronto, Ontario.
| Media Inquiries | All other Inquiries |
|---|---|
| Ariel Visconti Senior Corporate Communications and Public Affairs Specialist [email protected] 416-945-5148 | Complaints & Inquiries Secure form Email to [email protected] Toll-free (Canada/US): 1-877-442-4322 |
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.
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25-0137
Type:
Decision Notice
Contact
Other Notices associated with this Enforcement Proceeding:
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