TORONTO, Nov. 18, 2024 /CNW/ - An interim appearance has been scheduled before a hearing panel of the Canadian Investment Regulatory Organization (CIRO) pursuant to the Investment Dealer and Partially Consolidated Rules in the matter of Echelon Wealth Partners (Echelon) and Stephen Burns.

The interim appearance is open to the public unless the hearing panel orders otherwise. The decision of the hearing panel will be made available at www.ciro.ca.

Interim Appearance Date:                           December 2, 2024 at 10 a.m. (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:

a)      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,

b)      failed to act as gatekeepers in relation to the trading activity in US Over-the-Counter (OTC) securities by the foreign broker-dealers, and

c)       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 alleged contraventions 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. In June 2024, Echelon amalgamated with Ventum Financial Corp., formerly PI Financial Corp., a CIRO-regulated Dealer Member.

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.