The Canadian Investment Regulatory Organization (CIRO) has announced sanctions against Josephine Sudario following a hearing held on April 28, 2026. The hearing panel, operating under the Mutual Fund Dealer Rules, imposed a permanent prohibition from conducting securities-related business with any Dealer Member of CIRO and a fine of $600,000.
Details of the Sanctions
The fine comprises two components: $260,972 to disgorge amounts obtained from contravening Mutual Fund Dealer Rules, which have not been repaid, and an additional penalty of $339,028. Sudario is also required to pay $15,000 in costs.
Admitted Violations
In an agreed statement of facts, Sudario admitted to misappropriating client funds without full repayment or accounting, and failing to cooperate with CIRO’s investigation.
Background of the Case
The violations occurred while Sudario was a Registered Dealing Representative with PFSL Investments Canada Ltd. in Woodbridge, Ontario. She is no longer registered in the securities industry.
The full decision, dated May 21, 2026, is available under case reference Re Sudario 2026 CIRO 18.
About CIRO
CIRO is the pan-Canadian self-regulatory organization overseeing investment dealers, mutual fund dealers, and trading activity on debt and equity marketplaces. It aims to protect investors and ensure consistent regulation.
Information on disciplinary proceedings is available on CIRO’s website. Background on advisors is accessible via the AdvisorReport service. Complaints can be made by calling 1-877-442-4322.
