Cease and Desist Order Against Rita Bahadur (also known as Rita Dave, Chandramattie Dave), 1415409 Ontario Inc., and Title One Closing Company Inc.

REGARDING: The Loan and Trust Corporations Act, c. L.25, as amended (the “Act”), in particular, sections 192(1), 192(3), 206, 208, 213, and 214,

 

AND REGARDING:  Rita Bahadur (also known as Rita Dave, Chandramattie Dave), 1415409 Ontario Inc., and Title One Closing Company Inc.

 

                                            CEASE AND DESIST ORDER

 
Section 192 of the Act provides that where, in the opinion of the Superintendent of Financial Services (the "Superintendent"), a corporation or other person is committing any act or pursuing any course of conduct that does not comply with the Act or the regulations, the Superintendent may give notice of his intention to order the corporation or other person to cease doing any act or to cease pursuing any course of conduct identified by the Superintendent, or to perform such acts as in the opinion of the Superintendent are necessary to remedy the situation.
 
Pursuant to section 192 of the Act, the Superintendent issued a Notice of Proposed Cease and Desist Order on July 5, 2013.  It notified Rita Bahadur (also known as Rita Dave, Chandramattie Dave), 1415409 Ontario Inc., and Title One Closing Company Inc. (collectively the "Respondents") that they were contravening the Act by receiving deposits from the public and holding themselves out as being in the business of borrowing money from the public.  The Notice further stated that the Superintendent proposed making an order requiring the Respondents to cease doing so.  They were informed of their right to request, within 15 days, a hearing before the Financial Services Tribunal and that if no hearing was requested the Superintendent may make the proposed order.
 
The Respondents were given the Notice of Proposed Cease and Desist Order on July 10, 2013, and no hearing was requested.
 
TAKE NOTICE THAT pursuant to section 192(1) of the Act, the Superintendent orders Rita Bahadur (also known as Rita Dave, Chandramattie Dave), 1415409 Ontario Inc., and Title One Closing Company Inc., and any agents or representatives thereof, to cease:
 
A. borrowing money from the public by receiving deposits and lending such money for the purpose of real estate transactions, mortgages or any other investment purpose,
 
B. soliciting or holding themselves out as being in the business of borrowing money from the public by receiving deposits and lending such money for the purpose of real estate transactions, mortgages or any other investment purpose.
 
 
 
DATED at Toronto, Ontario, November 8, 2013.  
 
Original signed by "Philip Howell"
 
 
Philip Howell
Superintendent of Financial Services