SAN FRANCISCO (KRON) -- San Francisco mayoral candidate Mark Farrell has been hit with a major fine by the San Francisco Ethics Commission related to his campaign finances. The settlement for $108,179.99 would be the largest penalty issued in the history of the committee if approved. Voters to decide recall of Alameda County DA Pamela Price According to a stipulation posted to the Ethics Committee's website, Farrell illegally funded his campaign through a committee he launched to support a ballot measure, the Yes on Prop D committee. The enforcement director of the Ethics Committee, Olabisi Matthews, told KRON4.com that the settlement agreement stems from eight counts for violating the $500 limit on contributions to candidate committees. PACs, like the one Farrell set up for Prop D, aren't bound by the same limitations that individual candidates campaigns are. "If approved, this case represents the largest penalty issued in the history of the San Francisco Ethics Commission," Matthews told KRON4. "This record penalty reflects the serious harm that was done to the public’s right to have timely and accurate information about how campaigns are funded in San Francisco. It also reflects the severity of violating the $500 contribution limit, which is one of the most basic rules that all candidates have to follow." Your Local Election HQ The settlement, which was announced Monday, is the latest in a series of ethics issues that have dogged Farrell's campaign. Last month, former San Francisco mayors Willie Brown, Art Agnos and Frank Jordan signed a joint letter calling for an investigation into Farrell's campaign. A September KRON4 News/Emerson College Polling survey showed Farrell, who is a former interim mayor, with a slight lead on incumbent San Francisco Mayor London Breed as voters' first-choice pick in the mayoral race. KRON4 reached out to the Farrell campaign and received the following statement from Mark Farrell: “We agreed to a settlement for an accounting error that we corrected and publicly disclosed months ago, and over a disagreement about staff time allocation during the campaign, which led us to terminate our prior legal counsel for this matter. As the person responsible for both campaigns, I take full ownership of these issues–this is kind of accountability I am modeling for my children.  Currently, no clear local rules exist regarding shared expenses for campaign committees. I am calling for the Ethics Commission to establish clear guidance in this area because candidates the public deserves certainty and transparency. As Mayor, I will fix these problems by demanding clearer rules that strengthen the integrity of our election process.  I take pride in following the law at all times and setting an example of accountability for my staff and my three children by taking 100% ownership of my actions and decisions. I will continue this same commitment as Mayor.”