The Financial Services Regulatory Authority of Ontario has imposed administrative penalties of CAD 180,000 on Satyamkumar Trivedi and CAD 50,000 on Sasitharan Somasekarampillai for contraventions of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations. Both individuals were found to have allowed themselves to be used to facilitate dishonesty, fraud, crime, or illegal conduct, dealt outside their brokerage, and received remuneration outside their brokerage. Trivedi also hindered FSRA’s oversight by concealing information and providing false or misleading information, and administered mortgages without a licence. The orders followed a settlement with Trivedi, while Somasekarampillai did not request a hearing before the Tribunal or contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2025-10-17
Financial Services Regulatory Authority of Ontario imposes CAD 180,000 and CAD 50,000 administrative penalties on Satyamkumar Trivedi and Sasitharan Somasekarampillai
The Financial Services Regulatory Authority of Ontario imposed penalties of CAD 180,000 on Satyamkumar Trivedi and CAD 50,000 on Sasitharan Somasekarampillai for violating the Mortgage Brokerages, Lenders and Administrators Act, 2006. Trivedi concealed information and administered mortgages without a licence, while both facilitated dishonesty and received remuneration outside their brokerage. The orders followed a settlement with Trivedi; Somasekarampillai did not contest the proposal.