The Financial Services Regulatory Authority of Ontario (FSRA) issued a notice of proposal initiating enforcement action against Tracy Scimeca and Antonino (Nino) Scimeca, including proposed administrative penalties and a compliance order. FSRA is proposing two administrative penalties totalling CAD 200,000 against Tracy Scimeca and one administrative penalty of CAD 50,000 against Nino Scimeca. The proposal also includes a compliance order requiring Tracy Scimeca to cease and desist from dealing or trading in mortgages in Ontario. The allegations against Tracy Scimeca include dealing in mortgages for remuneration without acting on behalf of her authorized mortgage brokerage, receiving remuneration from an entity other than her authorized mortgage brokerage, and giving, assisting in giving, inducing or counselling another person to provide false information when dealing in mortgages. FSRA alleges Nino Scimeca facilitated dishonesty, fraud, or illegal activity. Both Tracy Scimeca and Nino Scimeca requested a hearing before the Financial Services Tribunal regarding the proposal.
Financial Services Regulatory Authority of Ontario 2025-04-08
Financial Services Regulatory Authority of Ontario proposes CAD 250,000 in penalties and a cease-and-desist order against Tracy Scimeca and Antonino Scimeca
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Tracy Scimeca and Antonino (Nino) Scimeca, proposing administrative penalties totaling CAD 250,000 and a compliance order. Tracy Scimeca faces allegations of unauthorized mortgage dealings and providing false information, while Nino Scimeca is accused of facilitating dishonesty or fraud. Both have requested a hearing before the Financial Services Tribunal.