Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Echelon Wealth Partners and Stephen Burns

TORONTO, Aug. 6, 2025 /CNW/ - Following a settlement hearing between CIRO Enforcement Staff, Echelon Wealth Partners Inc. (Echelon), now known as Ventum Financial Corp. (Ventum), and Stephen Burns,  held on June 25, 2025 pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for decision on July 30, 2025.

The hearing panel found that:

Echelon:

(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 a gatekeeper 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 the US OTC trading.

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, and

(b)  failed to act as a gatekeeper in relation to the trading activity in US OTC securities by the foreign broker-dealers.

Pursuant to the settlement agreement, the hearing panel agreed to the following sanctions:

Ventum:

(a)  pay a fine of $500,000,

(b)  disgorge $1,700,000,

(c)  implement certain remedial measures, and

(d)  pay costs of $100,000.

Stephen Burns:

(a)  pay a fine of $100,000,

(b)  be subject to a suspension of approval in any capacity for six (6) months, and

(c)  pay costs of $25,000.

The hearing panel's reasons for decision are available at:

Re Echelon & Burns 2025 CIRO 38

The violations occurred while Stephen Burns was a Registered Representative with Echelon. Stephen Burns is currently registered with Independent Trading Group Inc. Echelon has been a Dealer Member with CIRO and its predecessors since April 8, 2010 and amalgamated with Ventum in June 2024.

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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SOURCE Canadian Investment Regulatory Organization (CIRO)

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