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 |
|---|---|---|---|---|
| MacMenamin, James Martin | 3 June 2010 | $30,000 | ON | None |
| Mahilum, Edgar | 17 October 2012 | $132,500 | ON | None |
| Majdoub, Meiz | 27 October 2010 | $130,000 | ON | None |
| Malley, Brian Andrew | 25 June 2014 | $335,000 | AB | Partial |
| Malley, Christine Marie | 25 June 2014 | $265,000 | AB | Partial |
| Man, Barbara | 6 November 2013 | $10,000 | ON | None |
| Manalang, Ryan | 9 January 2025 | $27,000 | SK | None |
| Manalastas, Jose | 19 June 2020 | $63,500 | ON | None |
| Manning, Grant | 18 December 2015 | $55,000 | ON | None |
| Marek, Earl | 1 February 2017 | $65,000 | ON | Partial |