CIRO orders RBC ex Espeseth to pay $695,000

2025-12-01 20:05 ET - Street Wire

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"The $695,000 includes disgorgement of $600,000, plus a $75,000 fine and $20,000 in CIRO's costs. The payouts represent a negotiated settlement, in which Mr. Espeseth has admitted to the violations."

Hopefully, Mr. Espeseth will havbe access to a sharp-eyed tax professional who will realize that a sanction is not necessarily a fine and, if so, then the sanction could/should be deducted from income.

The Canadian Income Tax Act, specifically section 67.6, explicitly prohibits the deduction of such fines and penalties. Examples of Non-Deductible Fines: Common examples include monetary sanctions from securities commissions.

Sanctions Definition: A broad term for any measure used to enforce compliance with laws, rules, or regulations. Purpose: To influence behavior and encourage obedience. Examples: Monetary penalties (fines), disciplinary actions from a regulatory body

Fines Definition: A specific type of monetary penalty. Purpose: To punish and deter, often used in criminal and civil proceedings. Examples Administrative penalties