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by Mike Caswell

The Canadian Investment Regulatory Organization has imposed a 10-year ban on former National Bank Financial Inc. employee Matthew Ewing over improper financial dealings with clients. CIRO said that Mr. Ewing entered into transactions involving at least $2-million, including a $900,000 loan from a client. The regulator had also accused him of falsifying account statements, but after a hearing it found his conduct in that regard was merely "inconsistent with good professional practice standards."

The penalties for Mr. Ewing are contained in a decision that CIRO released on Thursday, Jan. 15. In addition to the 10-year ban, CIRO has imposed a $75,000 fine and ordered Mr. Ewing to pay $50,000 in costs. Upon his return to the industry, he will be subject to one year of supervision.

The sanctions arise from events dating back to 2021 and 2022, when Mr. Ewing carried out what CIRO said were repeated financial dealings with clients. The transactions at issue included Mr. Ewing personally compensating clients at least $1.57-million for losses, according to CIRO. He also borrowed $900,000 from a client, CIRO claimed.

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