REGARDING the Mortgage Brokerages, Lenders and Administrators Act,
2006, S.O. 2006, c.29 (the “Act”), in particular sections 7, 38 and 39
AND REGARDING Wexford Realty Corporation (“Wexford”)
ADMINISTRATIVE MONETARY PENALTY ORDER
On July 8, 2011, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Monetary Penalty on Wexford.
Wexford requested a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act. On March 6, 2012, a hearing was held before the Tribunal. By decision dated March 15, 2012, the Tribunal ordered the Superintendent to carry out the proposal to impose an administrative monetary penalty on Wexford.
ORDER
An administrative monetary penalty in the amount of $3,000.00 is imposed on Wexford Realty Corporation, pursuant to section 39 of the Act.
TAKE NOTICE THAT Wexford will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government Services, with information as to where and how to make the payment. Wexford must pay the administrative monetary penalty no later than 30 days after the date of the invoice.
If Wexford fails to pay the administrative monetary penalty in accordance with the terms of this Order, the Superintendent may file the Order with the Superior Court of Justice and this Order may be enforced as if it were an order of the court. Administrative monetary penalties that are not paid in accordance with the terms of an order imposing the penalty are a debt due to the Crown and are enforceable as such.
DATED at Toronto, Ontario, March 28, 2012.
Original Signed By
Philip Howell
Superintendent of Financial Services
© Queen's Printer for Ontario, 2012