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An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSCO’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.

 

Ontario Coat of Arms
 
Financial Services
Commission
of Ontario

5160 Yonge Street,
Box 85
Toronto ON  M2N 6L9

REGARDINGthe Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 19, 21, 38, 39 and 40

AND REGARDING Virendra Viru Dave and Eminence Financial Inc.

 

REVOCATION ORDER

Pursuant to Minutes of Settlement, filed, I hereby order that the mortgage brokerage licence of Eminence Financial Inc. (“Eminence”) be revoked effective this date.

ADMINISTRATIVE MONETARY PENALTY ORDER

Pursuant to Minutes of Settlement, filed, I hereby impose Administrative Monetary Penalties as follows:

An administrative monetary penalty of $1,500 against Virendra Viru Dave (“Dave”) for failing to take reasonable steps to ensure that Eminence, its brokers and agents complied with every requirement established under the Act in breach of the Act and regulations

An administrative monetary penalty of $2,000 against Eminence Financial Inc. for failing to have errors and omissions insurance from April 2nd, 2011 to
October 12th, 2011 and July 2nd, 2012 to the present in breach of the Act and regulations

An administrative monetary penalty of $6,000 against Eminence Financial Inc. for failing to establish and implement policies and procedures that are reasonably designed to ensure that the brokerage and every broker and agent complies with the requirements under the Act in breach of the Act and regulations

An administrative monetary penalty of $1,000 against Eminence Financial Inc. for failing to file the 2012 Annual Information Return on or before March 31, 2013 in breach of the Act and regulations

TAKE NOTICE THAT Dave and Eminence 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. Dave and Eminence must pay the administrative monetary penalty no later than 30 days after the date of the invoice.

If Dave or Eminence 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. An administrative monetary penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.


Dated at Toronto, this 22 day of August 2013

Original Signed By

Philip Howell
Superintendent of Financial Services

© Queen's Printer for Ontario, 2013