Notice - Prohibition Order - Mr Martin Pitoňák (2025-08-14)

Summary

This notice announces that the Bermuda Monetary Authority has issued a Prohibition Order against Mr Martin Pitonak, a former director of Stonebridge Capital Hedge Fund Limited, an institutional fund that was wound up by the Supreme Court of Bermuda in January 2025 on the Authority's petition. The Authority found Pitonak not fit and proper to perform functions in relation to regulated activity under the Investment Funds Act 2006, citing lack of probity, competence and diligence, and non compliance with the Minimum Criteria for Licensing.

• Basis of finding: Pitonak knowingly permitted Stonebridge to operate in contravention of the Investment Funds Act and failed to deal openly and forthrightly with service providers and the Authority.
• Scope of prohibition: For five years from 20 June 2025, Pitonak is prohibited from being a controller, operator, officer or chief executive of, or acting as a service provider to, any investment fund authorised, registered or designated under the Investment Funds Act.
• Appeal status: Pitonak did not appeal, and the appeal period under the Investment Funds Appeal Tribunal Regulations 2012 has expired, making the Prohibition Order final.
• Purpose of publication: The Authority is publishing the Order under sections 67E(7) and 67M of the Investment Funds Act to bring it to the attention of the public and to safeguard clients and potential clients of Stonebridge.

This is an informational enforcement notice specific to Mr Pitonak; it does not create new ongoing obligations for the wider industry beyond public notice of his prohibition.

Applies to

investment funds authorised, registered or designated under the Investment Funds Act 2006, directors, officers, controllers and service providers of such investment funds

Deadlines

• 5 years from 20 June 2025: Duration of the Prohibition Order against Mr Martin Pitonak, during which he may not act as controller, operator, officer, chief executive or service provider to any investment fund under the Investment Funds Act.