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by Mike Caswell

The Canadian Investment Regulatory Organization has ordered National Bank Financial Inc. to pay $1-million for failing to properly supervise Matthew Ewing, a former employee since banned for 10 years. CIRO previously accused Mr. Ewing of having improper financial dealings with clients. Among other things, he borrowed $900,000 from a client and personally compensated clients for $1.57-million in losses, according to CIRO.

The penalties for National Bank are contained in a settlement agreement that CIRO released on Friday, March 13. In addition to the $1-million fine, National Bank has agreed to pay $50,000 in CIRO's costs. The agreement applies solely to National Bank, as CIRO proceeded separately against Mr. Ewing.

The case arises from Mr. Ewing's relatively short-lived employment with National Bank, which began in March, 2021. According to the settlement, Mr. Ewing came from RBC Dominion Securities Ltd., which had placed him under supervision (for reasons not mentioned in the settlement). He brought most of his clients with him.

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