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A CIRO Hearing Panel sanctions Josephine Sudario
26-0130
Type:
Decision Notice
Rulebook connection
MFDR
Contact
Toronto (Ontario) June 11, 2026 – Following a sanctions hearing held on April 28, 2026, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules has imposed the following sanctions on Josephine Sudario:
- a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and
- a fine of $600,000 comprising:
- an amount sufficient to disgorge $260,972, being the amount that the Respondent obtained (and has not repaid) from her contravention of the Mutual Fund Dealer Rules, and
- a fine of $339,028;
Josephine Sudario is also required to pay $15,000 in costs.
In an agreed statement of facts, Josephine Sudario admitted to:
- misappropriating or otherwise obtaining monies from clients, some or all of which she did not repay or account for, and
- failing to cooperate with the investigation by CIRO Staff into her conduct.
The hearing panel’s decision dated May 21, 2026, is available at:
The violations occurred while Josephine Sudario was a Registered Dealing Representative with PFSL Investments Canada Ltd. in Woodbridge, Ontario. Josephine Sudario is not currently registered in the securities industry in any capacity.
| Media Inquiries | All other Inquiries |
|---|---|
| Ariel Visconti Senior Corporate Communications and Public Affairs Specialist [email protected] 416-526-8240 | Complaints & Inquiries Secure form Toll-free (Canada/US): 1-877-442-4322 |
The Canadian Investment Regulatory Organization (CIRO) is the pan-Canadian 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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26-0130
Type:
Decision Notice
Rulebook connection
MFDR
Contact
Other Notices associated with this Enforcement Proceeding:
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