A former fund rep who failed to participate in a regulatory investigation into his crypto trading activities has been sanctioned by the Canadian Investment Regulatory Organization (CIRO). A CIRO hearing panel found that Debojyoti (Debo) Majumder, a former rep with HSBC Investments (Canada) Inc. in Richmond Hill, Ont., failed to cooperate with an investigation by the self-regulatory organization’s enforcement staff. According to CIRO’s allegations, Majumder ignored staff’s efforts to investigate his conduct after he was sued by a friend that allegedly gave him between $40,000 and $50,000 to trade crypto — starting before he became a rep — and failed to return that money. In September 2022, a court entered a default judgment against him in that case for $50,000, after he failed to defend the lawsuit. The panel permanently banned Majumder, fined him $50,000 and ordered $25,000 in costs against him.