Returning Funds to Harmed Investors

As of April 1, 2026, investors who suffered financial harm as a result of the misconduct of a registrant under securities legislation may be able to receive payments from CIRO to help cover some of their losses. After a finding of misconduct has been made, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) may order the party against whom that finding has been made to give up money that they obtained through their misconduct (i.e., as a result of having violated requirements under the CIRO Rules)1. This is called disgorgement.

When CIRO collects money pursuant to any of these orders, it will publish a notice and invite applications for payment from the funds collected, which it will review and consider.

Disgorgement2 is not designed to fully compensate investors, but the money collected may be shared to help reduce losses.

Money received

CIRO has received money pursuant to orders in the following matters:

Matter

Date of notice

Claim Deadline Date

Decision Link

Total Amount received (To date)*

Apply

This amount is subject to change if additional funds are received by CIRO under this order after the notice date.

Steps to take if you’ve lost money

If you lost money because of a respondent’s contravention(s) in any of the cases listed above, you may submit a claim for payment from the funds received by CIRO. To complete your claim, click the “Apply” button and provide the required information online.

If you are unable to complete your claim online, print a copy of the Claims Application Form listed beside the relevant case, complete it and submit it to CIRO at:

Canadian Investment Regulatory Organization
General Counsel’s Office – Disgorgement
Bay Adelaide North
40 Temperance Street, Suite 2600
Toronto, Ontario, M5H 0B4

The notice listed under the case name will tell you how long you have to make your claim. You will have at least three months to apply from the date of the notice.

All investors harmed by the misconduct — not just those involved in CIRO enforcement proceedings — may be eligible to submit a claim, provided their losses are directly linked to the misconduct and occurred within the enforcement period.

Only direct financial losses are eligible. The following are not covered:

market-related losses,
interest,
lost opportunities,
non-financial losses,
benefits from the misconduct, or
compensation received elsewhere.

What Happens After CIRO Receives Your Application

Once CIRO receives your claim, it will review your application to check if you are eligible. If you are eligible, CIRO will then assess your claim and decide if a payment can be made.

When making its decision, CIRO will consider:

the total amount of money CIRO received under the order that started the claims process
the amount of money you lost
the losses experienced by all other eligible applicants
any other information CIRO considers relevant in the circumstances.

When calculating your loss, CIRO will consider:

whether you have already received, or are entitled to receive, compensation from other sources for the loss
whether you benefited from the misconduct that resulted in the order.

If there are not enough funds to pay all eligible claims in full, CIRO may distribute payments on a prorated3 basis.

In some cases, CIRO may decide not to distribute funds if the cost of doing so would outweigh the benefit to investors. To help protect the value of disgorged funds, administrative costs are generally covered through other sanctions. In rare situations where an external process is required, administrative costs may be paid from the disgorged funds.

This page will be updated with distribution notices and status updates to keep harmed investors and the public informed. We will also share reports once distributions are completed and regularly review the program.

For more information about whether you are eligible to make a claim and how CIRO will process your claim, please see:

Money Disgorged

CIRO has paid out funds received pursuant to an order that gave rise to a claims process in accordance to in the following cases:

Matter Name

Date

Supporting Documents

For more information, please see FAQs.

1Investment Dealer and Partially Consolidated Rules, the Mutual Fund Dealer Rules or the Universal Market Integrity Rules.
2Disgorgement is intended to require someone who benefited from a contravention of the Rules to give up the profits they gained. Its purpose is to prevent unfair gain and ensure that illegal conduct does not pay.
3If the money collected is not enough to fully repay everyone, the money is split proportionally—like slicing a pie.