Unpaid Fines Report

In 2014, IIROC began publishing the Unpaid Fines Report which lists advisors and individuals employed at IIROC-regulated firms who have failed to pay fines, disgorgement, and/or costs imposed as a result of enforcement proceedings before an IIROC Hearing Panel. Penalties are imposed upon disciplined individuals either:

  • following a contested hearing; or
  • by approval of a settlement agreement.

The report is intended to serve as an information tool to improve transparency. The report is not meant to be a list of individuals currently indebted to IIROC. Accordingly, the report may include the names of individuals who received a bankruptcy discharge subsequent to the order being made.

About the report

The Unpaid Fines Report:

  • Lists individuals who were disciplined by IIROC ("disciplined individuals") as early as June 1, 2008, when IIROC was created.
  • Includes disciplined individuals who have not paid the amounts imposed on them.
  • Does not include matters where a disciplined individual has appealed or sought a review of a decision made by an IIROC Hearing Panel.

Learn more

How IIROC's Enforcement Process works


Unpaid Fines Report

Individual Date of Penalty Decision or Settlement Agreement Amount of Fine, Disgorgement (if any) and/or costs Province Amount Paid
Ahn, Harold Hee 24 May 2011 $1,057,000 ON None
Ahrens, Robert Justin 29 September 2014 $20,000 BC None
Armstrong, Norman 5 October 2015 $103,978 ON None
Austin, Jeremy Nicholas Drew 24 January 2017 $280,000 ON None
Ballanger, Michael 6 June 2018 $15,000 ON None
Barkwell, Richard 11 December 2018 $10,000 BC None
Bateman, Scott 28 May 2014 $22,000 BC None
Bazilinsky, Michael 2 March 2018 $37,000 ON Partial
Beaulne, Benoit 31 October 2012 $41,491 QC None
Becher, Robert Campbell 2 June 2014 $25,000 ON Partial

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.