A Canadian Investment Regulatory Organization (CIRO) hearing panel has permanently banned a former Ontario mutual fund dealer representative and fined her $600,000 following findings of client fund misappropriation.
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 imposed a permanent prohibition on Josephine Sudario from conducting securities-related business while employed by or associated with any CIRO Dealer Member, along with a $600,000 fine.
The fine includes two components: $260,972 to disgorge funds obtained from her contravention of the Mutual Fund Dealer Rules that she did not repay, plus an additional penalty of $339,028. Sudario is also required to pay $15,000 in costs.
