The Financial Services Regulatory Authority of Ontario has issued a notice of proposal initiating enforcement action against Jennifer Iachelli and Nicole Geldart in connection with alleged contraventions while dealing in and administering mortgages. The proposal includes administrative penalties of CAD 50,000 for Iachelli and CAD 55,000 for Geldart, and a plan to add conditions to Geldart’s level 2 mortgage agent licence for 24 months. FSRA alleges Iachelli gave false or deceptive information and documents when dealing in mortgages, contrary to section 43(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Geldart is alleged to have allowed herself to be used by a borrower to facilitate dishonesty, fraud, crime or illegal conduct, received remuneration for dealing in mortgages from someone other than her brokerage, administered mortgages without being licensed as a mortgage administrator, and conducted herself in a way resulting in her brokerage contravening the Act. Iachelli and Geldart have requested hearings before the Financial Services Tribunal regarding the proposal.
Financial Services Regulatory Authority of Ontario 2026-03-09
Financial Services Regulatory Authority of Ontario proposes CAD 50,000 and CAD 55,000 penalties and licence conditions for Jennifer Iachelli and Nicole Geldart
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Jennifer Iachelli and Nicole Geldart for alleged contraventions related to mortgage dealings. Proposed penalties include CAD 50,000 for Iachelli and CAD 55,000 for Geldart, with additional conditions on Geldart’s licence. Both individuals have requested hearings before the Financial Services Tribunal.