Financial Services Regulatory Authority of Ontario seeks CAD 250000 in penalties and a compliance order in Trillium Mortgage enforcement case

The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Trillium Mortgage Services Inc., Frank Manzo, Paramjeet Kaur, and Vatsal Pareshkumar Khamar over alleged breaches of Ontario mortgage brokering requirements. The regulator is proposing administrative penalties totaling CAD 250,000, with an additional compliance order against Khamar, and all four respondents have requested hearings before the Financial Services Tribunal. The case alleges that Trillium Mortgage failed to take reasonable steps to ensure mortgage suitability for borrowers, verify borrower identity, and maintain records. Manzo is alleged to have failed to ensure the brokerage and its brokers and agents complied with the applicable requirements. Kaur is alleged to have facilitated dishonesty, fraud, crime, or illegal conduct, provided false or deceptive information or documents in mortgage dealings, provided false or misleading information to FSRA, and also failed on suitability, identity verification, and record-keeping obligations. Khamar is alleged to have dealt in mortgages for remuneration without a licence. Proposed penalties are CAD 60,000 for Trillium Mortgage, CAD 25,000 for Manzo, CAD 85,000 for Kaur, and CAD 80,000 for Khamar.