Yes, it is possible.

How to;
On the side bar menu, select Fines module as shown below.

A drop down menu appears. Select fine members from the menu as shown below.

Fill in the fine details and on the member panel, select the members who you wish to penalize.

NB: This module enables you to fine several members at the same time as shown below.

Finally, click on Fine Members to save and penalize the selected members.