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 |
|---|---|---|---|---|
| Marshall, Robert | 14 January 2015 | $182,500 | ON | None |
| Martens, Henry | 10 July 2013 | $55,000 | BC | None |
| Martin, Cesar | 24 June 2014 | $160,000 | ON | None |
| Martin, Charles | 12 October 2016 | $82,500 | ON | None |
| Masood, Mohammad | 27 November 2018 | $72,500 | ON | None |
| Master, Devina | 24 July 2025 | $165,000 | ON | None |
| Matthews, Grant Patrick | 5 January 2015 | $220,000 | AB | None |
| Mawer, Bruce | 18 August 2014 | $60,000 | AB | Partial |
| Maxwell, Sean | 6 March 2018 | $70,000 | ON | None |
| Maynes, William | 10 September 2013 | $25,000 | ON | None |