Disgorgement Distribution FAQs

Eligibility

You may be eligible if you meet the criteria below. You may be eligible if you:

lost money as a direct result of the respondent’s misconduct,
were not involved in the wrongdoing, and
have not already had a claim denied.

2. Can I apply if I live outside Canada?

Yes. If you meet the eligibility criteria, you may apply regardless of where you live.

3. What if I do not have documents or information to support my application?

Supporting documents can be helpful, but they are not required. CIRO will review all available information. If you believe you are eligible, you are encouraged to apply.

4. What if I already received compensation from another source?

CIRO will take into account any compensation you’ve received or expect to receive when calculating your claim amount. When you apply, you must tell us about any compensation you have received or expect to receive. You must also provide details and ensure that you keep such information current on an ongoing basis.

Application Process

1. How do I submit a claim?

Complete the form and submit it to CIRO.

Online – Complete the form and click “Submit”.
Email – If you cannot apply online, print and complete the form and email it along with supporting documents (if applicable) to [email protected].
Mail – If you cannot submit the form online or by email, mail the completed form (and any supporting documents) to:
Canadian Investment Regulatory Organization
General Counsel’s Office - Disgorgement
40 Temperance Street, Suite 2600
Toronto, Ontario, M5H 0B4

2. Can someone else apply on my behalf?

Yes. A lawyer, family member, or another representative may apply for you. CIRO may ask for documents confirming that person’s authority to act on your behalf.

3. What happens after I submit my application?

CIRO will review your application. If you are eligible, CIRO may send you a payment. When determining payment amounts, CIRO considers:

the total funds collected under the Hearing Panel’s order,
the amount of your loss,
the amount of losses of all other applicants, and
any other relevant information.

Timeline

1. When will I get my money back?

The timing depends on several factors, including the total funds available and the number of eligible applicants and will be assessed on a case-by-case basis.

Payments

1. Will I receive the full amount of my loss?

You will likely only receive a part of your loss. Disgorgement is different from restitution.

Disgorgement is meant to take away the profits gained from wrongdoing. Its purpose is to ensure that the respondent does not benefit from their misconduct.

Restitution, on the other hand, is meant to compensate victims by putting them back in the position they were in before the wrongdoing occurred. Restitution focuses on the victim’s loss, not the respondent’s gain.

The amount that you will receive depends upon the amount of money collected under the disgorgement order and how many eligible investors were harmed by the same misconduct and made claims. The available funds are then divided proportionally among eligible investors.

2. What form of payment will I receive?

If you are eligible, CIRO will send you a payment by an Electronic Funds Transfer (EFT).

3. How is the payment amount determined?

The amount you receive depends on:

the total funds collected by CIRO,
your individual loss,
the combined losses of all eligible applicants, and
any other relevant information.

If there are not enough funds to pay all eligible claims in full, payments will be divided proportionally among all eligible applicants.

Application Support

1. Who can I contact if I have questions or need help?

For help or questions, contact the Disgorgement team by email at: [email protected].

2. What if I made a mistake on my claims application?

If you need to correct your application, please email the updated information to [email protected]. Be sure to include your claim number.

3. My application was denied. Can I appeal?

CIRO will not deny a claim without first giving you an opportunity to respond. If you disagree with CIRO’s determination, you can ask for a reconsideration by an independent decision-maker within 30 days.