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.
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|
|Dahl, Sherman||4 November 2016||$40,000||BC||Partial|
|Li, Yu Qiong (Kevin)||21 September 2016||$265,000||BC||None|
|Renaud, Ferdinand||24 May 2016||$100,000||BC||None|
|Sole, Robert||28 July 2016||$11,000||ON||None|