The Financial Services Regulatory Authority of Ontario (FSRA) imposed administrative penalties totalling CAD 430,000 on Kim Thanh Do, Gyula “George” “Julien” Zambok, 5015977 Ontario Inc., Bruce Rene Kotis and Myriad Mortgage, revoked the mortgage brokerage licence of 2382314 Ontario Inc. operating as Mortgage Bridge Canada, and imposed conditions on the mortgage broker licence of Kasturi Chatterjee. FSRA also initiated enforcement action against Rebecca Thien Kim Nguyen Do and Jordan Ovejas, proposing administrative penalties of CAD 30,000 and CAD 80,000 respectively. The actions relate to alleged and established contraventions of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations, including dealing in mortgages outside an authorizing brokerage, receiving remuneration from an unauthorized party, facilitating unlicensed activity, and failing to provide required documents and information under oath. FSRA also cited unlicensed dealing in mortgages for remuneration, operating as a mortgage lender without a brokerage licence, failures by principals to take reasonable steps to ensure compliance, and brokerage-level conduct issues including suitability assessments, obtaining independent legal advice for reverse mortgages, written conflict-of-interest disclosure, and complete and accurate recordkeeping. Kim Do, Zambok, 5015977 Ontario Inc., Kotis and Myriad Mortgage did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal, while orders against Mortgage Bridge and Chatterjee were issued following a settlement. Rebecca Do and Ovejas requested a hearing before the Tribunal regarding FSRA’s proposed penalties.

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