Permanent Cease and Desist Order Against Kostyantyn Poshtarenko

REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended, in particular section 441;

 

AND REGARDING Kostyantyn Poshtarenko.

Permanent Cease & Desist Order

 

TO: Kostyantyn Poshtarenko

 

On January 18, 2017, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Make a Permanent Cease & Desist Order. This Notice of Proposal was delivered to Mr. Poshtarenko by email and registered mail.

 

Pursuant to subsection 441(3), Mr. Poshtarenko had 15 days to request a hearing before the Financial Services Tribunal.

 

On March 3, 2017, the Registrar of the Financial Services Tribunal confirmed that no request for hearing was filed by Mr. Poshtarenko or anyone on his behalf.

 

Pursuant to subsection 441(7), if the individual does not request a hearing within the time period allowed, the Superintendent may make an order in accordance with the Notice of Proposal.

Order

Kostyantyn Poshtarenko is ordered to cease and refrain from conducting insurance business in the Province of Ontario, including the advertising, soliciting, offering, sale and adjusting of auto insurance.

 

AND TAKE NOTICE THAT pursuant to subsections 447(2)(b) and (3) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every person convicted of an offence under the Act is liable to a fine of not more than $250,000.00 on a first conviction and to a fine of not more than $500,000.00 on each subsequent conviction. 

 

AND TAKE NOTICE THAT pursuant to subsection 447(4) of the Act, every director or officer of a corporation who caused, authorized, permitted or participated in the corporation or unincorporated association committing an offence, or who failed to take reasonable care to prevent the corporation or unincorporated association from committing an offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted, and liable to a fine of not more than $100,000.00 on a first conviction and a fine of not more than $200,000.00 on each subsequent conviction.

 

Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, 14em, Toronto ON M2N 6L9.

 

ISSUED at the City Toronto, Ontario, March 3, 2017.

 

original signed by "Brian Mills"

 

Brian Mills
Superintendent of Financial Services
Financial Services Commission of Ontario