Bermuda Monetary Authority issues five-year prohibition order against Peter Pitonák from roles in regulated investment funds

The Bermuda Monetary Authority (BMA) has published a prohibition order made under section 67E of the Investment Funds Act 2006 against Mr Peter Pitonák, barring him for five years from 19 September 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 Act. The order follows the BMA’s conclusion that Pitonák, a former director of Stonebridge Capital Hedge Fund Limited, lacked probity, competence and soundness of judgment and did not act with sufficient diligence, and therefore was not fit and proper to perform functions in relation to regulated activity under the Act. The BMA found he permitted Stonebridge to operate in contravention of the Act and failed to deal openly and forthrightly with the fund’s service providers and the Authority, including failing to conduct business prudently, failing to exercise sound judgment and demonstrate diligence and competence, and failing to meet the Minimum Criteria for Licensing. Stonebridge, previously authorised as an institutional fund, was ordered wound up by the Supreme Court of Bermuda on 31 January 2025 on a petition filed by the BMA. Pitonák did not appeal the decision and the appeal period under the Investment Funds Appeal Tribunal Regulations 2012 has expired, enabling publication of the order’s terms under sections 67E(7) and 67M of the Act.