BMA bars Slovakian director
The Bermuda Monetary Authority has issued a five-year prohibition order against Martin Pitoňák, a Slovakian national and former director of Stonebridge Capital Hedge Fund Ltd, preventing him from serving in any regulated investment roles in Bermuda.
Stonebridge, authorised as an institutional fund under the Investment Funds Act in December 2018, was wound up by the Supreme Court in January after serious breaches. The BMA cited failures by Mr Pitoňák and fellow operator Peter Pitoňák to appoint auditors, prepare audited financial statements or submit the required compliance filings.
The BMA concluded that Martin Pitoňák exhibited a “lack of probity, competence and soundness of judgment” and “knowingly permitted Stonebridge to operate in contravention of the IFA”.
Under the order, effective from June 20, Martin Pitoňák “is prohibited from being a controller, operator, officer or chief executive of, or acting as a service provider to, any investment fund that is authorised, registered or designated under the IFA”.
Mr Pitoňák did not appeal the decision before the appeal period expired, and the BMA emphasised that the action is aimed at protecting clients, investors and Bermuda’s reputation as a rigorously regulated investment domicile.
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• For the complete enforcement action involving Stonebridge, see Related Media
