The Financial Services Regulatory Authority of Ontario (FSRA) issued a notice of proposal against Shawn Leonard Ruccia, seeking to revoke his mortgage agent level 2 licence and impose an administrative penalty of CAD 70,000. The proposal is based on allegations that Ruccia is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006. FSRA alleges that Ruccia’s past conduct provides reasonable grounds to believe he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. It also alleges he contravened the Act and regulations by failing to take reasonable steps to ensure mortgages presented to borrowers were suitable, contrary to section 3 of Ontario Regulation 187/08, and thereby caused the brokerage to contravene subsection 24(1) of Ontario Regulation 188/08. Ruccia has requested a hearing before the Financial Services Tribunal in relation to FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2025-08-22
Financial Services Regulatory Authority of Ontario proposes to revoke Shawn Leonard Ruccia’s mortgage agent licence and impose CAD 70,000 penalty
The Financial Services Regulatory Authority of Ontario (FSRA) proposes revoking Shawn Leonard Ruccia's mortgage agent level 2 licence and imposing a CAD 70,000 penalty, citing unsuitability under the Mortgage Brokerages, Lenders and Administrators Act, 2006. Allegations include failing to ensure mortgage suitability for borrowers, violating Ontario Regulation 187/08, and causing brokerage contraventions of Ontario Regulation 188/08. Ruccia has requested a hearing before the Financial Services Tribunal.