CIRO Sanctions Former Rep Over Crypto Trading Failures

A former representative of HSBC Investments (Canada) Inc. in Richmond Hill, Ont., has been sanctioned by the Canadian Investment Regulatory Organization (CIRO) for failing to cooperate with a regulatory investigation into his cryptocurrency trading activities.

The CIRO hearing panel found that Debojyoti (Debo) Majumder ignored staff's efforts to investigate his conduct after he was sued by a friend who allegedly gave him between $40,000 and $50,000 to trade crypto.

The friend had complained to HSBC Investments after Majumder failed to return the money, leading to a default judgment against him in September 2022 for $50,000.