IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29 (the “Act”), in particular, sections 7, 8, 10, 19 and 21; the Mortgage Brokerages Licensing Regulation, O. Reg. 408/07, in particular section 1(2); the Mortgage Brokerages Licensing Regulation, O. Reg. 409/07, in particular 10; and the Mortgage Administrators Licensing Regulation, O. Reg. 411/07, in particular section 1(2);
IN THE MATTER OF a Notice of Proposal issued by delegated authority of the Superintendent of Financial Services on March 28, 2012, to revoke the mortgage brokerage licence and mortgage administrator licence of Sussman Mortgage Funding Inc. (“SMFI”) and to revoke the mortgage broker’s licence of Murray Sussman;
AND IN THE MATTER OF requests for Hearing filed on behalf of SMFI and Mr. Sussman on April 12 and April 30, 2012, pursuant to subsection 21(3) of the Act.
SUSSMAN MORTGAGE FUNDING INC. AND MURRAY SUSSMAN
SUPERINTENDENT OF FINANCIAL SERVICES
ADMINISTRATIVE MONETARY PENALTY ORDER
Pursuant to Minutes of Settlement dated July 24, 2013 administrative monetary penalties are imposed on Sussman Mortgage Funding Inc. and Murray Sussman, as follows:
Sussman Mortgage Funding Inc.
$5,000.00 for failure to disclose in its AIR as a mortgage brokerage for fiscal 2009 filed with the Superintendent on March 26, 2010 that Sussman Mortgage Funding Inc. was sued for professional negligence or misconduct three times during fiscal 2009, and that its Principal Broker, Murray Sussman, was a co-defendant in one of those lawsuits, and for failure to disclose that 3 errors and omissions claims were made against SMFI during fiscal 2009.
$5,000.00 for failure to disclose same information in its AIR as a mortgage administrator for fiscal 2009 filed with the Superintendent on March 26, 2010.
$2,500.00 for failure to disclose that he was personally named as a co-defendant in one of those lawsuits in his application for renewal of his mortgage broker licence dated February 9, 2010.
TAKE NOTICE THAT Sussman Mortgage Funding Inc. and Murray Sussman will receive 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. Sussman Mortgage Funding Inc. and Murray Sussman must pay the administrative penalty no later than 30 days after the date of the invoice.
If Sussman Mortgage Funding Inc. and Murray Sussman fails to pay the administrative 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 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, Ontario, July 24, 2013
Original Signed By
Superintendent of Financial Services