The Unpaid Fines Report is for information purposes only and is updated on a quarterly basis. The report lists individuals who failed to pay fines, disgorgement, or the costs imposed as a result of an enforcement proceeding before a CIRO Hearing Panel (or a prior IIROC or MFDA Hearing Panel).
Updated as of June 30, 2026
Unpaid Fines Report
| Individual | Date of Penalty Decision or Settlement Agreement | Amount of Fine, Disgorgement (if any) and/or costs | Province | Amount Paid |
|---|---|---|---|---|
| Kolgekaya, Saadet | 27 November 2018 | $82,500 | ON | None |
| Kotar, Hugo Michael Nicolas | 21 January 2015 | $22,500 | BC | None |
| Kowalsky, Ronald | 18 January 2022 | $42,500 | ON | None |
| Krahl, Kimberley | 3 November 2021 | $15,000 | ON | Partial |
| Kumar, Brian Anish | 19 August 2015 | $55,000 | ON | None |
| KUMAR, NEIL | 27 March 2019 | $260,000 | ON | None |
| Kwok, Bjorn | 28 September 2017 | $2,500 | ON | Partial |
| Ladeiro, Marc-Antoine | 18 November 2025 | $1,082,712.70 | BC | None |
| Lalonde, Pierre | 7 February 2012 | $160,000 | QC | None |
| Lam, Hong | 19 October 2018 | $260,000 | ON | Partial |