Advisors who haven’t paid their IIROC fines or disciplinary costs will be publicly named by IIROC in a new quarterly report.
IIROC published its first report today, naming individuals who haven’t paid fines, disgorgement or costs from disciplinary actions since 2008.
There are more than 100 outstanding fines, and total about $24 million. Individual amounts range from $5,000 to more than $5 million. Those facing fines come from Ontario, Quebec, Alberta, Nova Scotia, New Brunswick, British Columbia, Manitoba and Saskatchewan.
Last year, IIROC collected 98.1% of the penalties it levied against firms, and 10.5% of those against individuals. IIROC suspends the licenses of those who don’t pay.