The Bermuda Monetary Authority has issued and published a prohibition order against Mr Martin Pitonák, prohibiting him for five years from 20 June 2025 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 2006. The order follows the Authority’s findings on Pitonák’s fitness and propriety arising from his role as a director of Stonebridge Capital Hedge Fund Limited, previously authorised as an institutional fund. Stonebridge was ordered to be wound up by the Supreme Court of Bermuda on 31 January 2025 following a petition filed by the Authority. The Authority concluded that Pitonák lacked probity, competence and soundness of judgment, acted without due diligence, knowingly permitted contraventions of the Investment Funds Act, and failed to deal openly and forthrightly with Stonebridge’s service providers and the Authority, including failing to conduct business in a prudent manner and to meet the Minimum Criteria for Licensing under the Act. Pitonák did not appeal the decision and the appeal period has expired, so the Authority published the terms of the prohibition order to bring it to the attention of the public.
Bermuda Monetary Authority 2025-08-14
Bermuda Monetary Authority bars Martin Pitonák from roles and service provision to Investment Funds Act regulated funds for five years
The Bermuda Monetary Authority issued a five-year prohibition order against Mr. Martin Pitonák, barring him from roles in any investment fund under the Investment Funds Act 2006. This follows findings of his lack of probity and competence as a director of Stonebridge Capital Hedge Fund Limited, which was ordered to be wound up. Pitonák did not appeal the decision, and the order has been published to inform the public.