Compliance Order Against JCT Capitol Investment Group Ltd. and Joseph Tukacs

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the "Act"), in particular sections 2 and 35

 

AND REGARDING JCT Capitol Investment Group Ltd. and Joseph Tukacs

 

COMPLIANCE ORDER

 
On March 7, 2014, the Superintendent of Financial Services ("Superintendent") imposed an Interim Compliance Order on JCT Capitol Investment Group Ltd. ("JCT Capitol") and Joseph Tukacs ("Tukacs").
 
On March 28, 2014, the Superintendent of Financial Services issued a replacement Interim Compliance Order and a Notice of Proposal to make a permanent compliance order against JCT Capitol and Tukacs. The Interim Compliance Order and Notice of Proposal were delivered to JCT Capitol and Tukacs on April 7, 2014.
 
JCT Capitol and Tukacs had 15 days after delivery of the Notice to request a hearing before the Financial Services Tribunal ("Tribunal") in accordance with section 35(4) of the Act.
 
The Registrar of the Tribunal has confirmed that no request for a hearing has been received from JCT Capitol, Tukacs or anyone on their behalf.
 
Section 35(6) of the Act provides that the Superintendent may carry out the proposal to issue a compliance order when no hearing has been requested.
 

ORDER

It is ordered that Joseph Tukacs and JCT Capitol Investment Group Ltd.:

 
  1. Immediately cease in Ontario soliciting persons or entities to borrow money on the security of real estate or holding themselves out as doing so;
  2. Immediately cease in Ontario providing information about a prospective borrower to a prospective mortgage lender or holding themselves out as doing so;
  3. Immediately cease in Ontario assessing a prospective borrower on behalf of a prospective mortgage lender or holding themselves out as doing so;
  4. Immediately cease in Ontario negotiating or arranging a mortgage on behalf of another person or entity or holding themselves out as doing so;
  5. Immediately cease in Ontario accepting any fees or funds in connection with the solicitation, negotiation, or arrangement of a mortgage;
  6. Immediately cease holding themselves out as able to deal in mortgages, including deactivating the website jctcapitol.com and associated  facebook.com and linkedin.com pages described above, or altering those pages such that they cease to be in non-compliance with the Act; and
  7. Not communicate with existing clients for a purpose related to dealing, trading, lending or administering mortgages or carrying on any mortgage brokering business, except for the express purpose of transferring their files and business to a licensed broker, agent and/or brokerage.
 
 
DATED at Toronto, Ontario, May 8, 2014.
 
 
Original signed by
 
 
Philip Howell
Superintendent of Financial Services