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
Becher, Robert Campbell 2 June 2014 $25,000 ON Partial
Beck, Gary 17 July 2012 $38,315 ON None
Beland, Alain 18 November 2010 $15,000 QC None
Belknap, John Richard 19 May 2020 $185,000.00 ON Partial
Benarroch, Georges 16 February 2011 $300,000 ON None
Benson, Roberta 7 July 2021 $40,000 ON None
Bergeron, Andre 3 October 2008 $75,000 QC None
Bergeron, Daniel Claude 26 February 2013 $45,000 QC None
Biduk, Roger Michael 21 August 2013 $150,000 QC None
Blanchard, Shelley 10 April 2013 $5,000 ON None

Welcome to CIRO.ca!

We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.

You can now find new publications published by CIRO since January 1, 2023 on CIRO.ca. If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.

You can now find previous Annual Reports and Enforcement Reports on CIRO.ca, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).

We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.