The Financial Services Regulatory Authority of Ontario (FSRA) has imposed CAD 20,000 in administrative penalties on Patricia Porretta for conduct related to mortgage dealing, including providing false and deceptive information and dealing in mortgages for remuneration while not licensed or acting on behalf of a mortgage brokerage. The penalties relate to alleged contraventions of section 43(2) and section 2(3) of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Porretta sought a hearing before the Financial Services Tribunal, but the Tribunal dismissed the request after she did not comply with the Tribunal’s schedule and ordered FSRA to proceed with its enforcement action.
Financial Services Regulatory Authority of Ontario 2025-01-14
Financial Services Regulatory Authority of Ontario imposes CAD 20,000 administrative penalties on Patricia Porretta for unlicensed mortgage dealing and providing misleading information
The Financial Services Regulatory Authority of Ontario imposed CAD 20,000 in penalties on Patricia Porretta for unlicensed mortgage dealing and providing false information. The penalties relate to breaches of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Porretta's request for a hearing was dismissed by the Financial Services Tribunal due to non-compliance with its schedule.