The Financial Services Regulatory Authority of Ontario (FSRA) issued a notice of proposal against Joel Kelman and 1368486 Canada Inc., operating as “Quick Cash Mortgage”, alleging breaches of Ontario’s mortgage brokerage regulatory framework and proposing licensing sanctions. The proposal would refuse to renew Kelman’s mortgage broker licence, impose total administrative penalties of CAD 120,000 on Kelman, and revoke Quick Cash Mortgage’s mortgage brokerage licence. FSRA alleges Kelman is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and contravened the Act and its regulations by failing to take reasonable steps to ensure the brokerage and its brokers and agents complied with requirements, causing a brokerage recordkeeping contravention related to mortgage transactions, and providing false information to FSRA. FSRA also alleges Quick Cash Mortgage is not suitable to be licensed because Kelman’s past conduct, as the firm’s principal broker, officer and sole director, provides reasonable grounds to believe the corporation’s business will not be carried on in accordance with the law and with integrity and honesty. Kelman and Quick Cash Mortgage have requested a hearing before the Financial Services Tribunal.
Financial Services Regulatory Authority of Ontario 2025-05-28
Financial Services Regulatory Authority of Ontario proposes CAD 120,000 in penalties, licence non-renewal for Joel Kelman and revocation of Quick Cash Mortgage’s brokerage licence
The Financial Services Regulatory Authority of Ontario (FSRA) has issued a notice of proposal against Joel Kelman and 1368486 Canada Inc., operating as Quick Cash Mortgage, for alleged breaches of Ontario’s mortgage brokerage regulations. FSRA proposes to refuse Kelman's licence renewal, impose CAD 120,000 in penalties, and revoke Quick Cash Mortgage’s licence, citing non-compliance and false information provision. Kelman and Quick Cash Mortgage have requested a hearing before the Financial Services Tribunal.