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Superintendent of
Financial
Services
 
Ontario Coat of Arms
 
Surintendant des
services
financiers
 

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

AND REGARDING Sean Roland

 

MINUTES OF SETTLEMENT AND UNDERTAKING

Background

Sean Roland (“Roland”) is licensed under the Act as a mortgage broker under Licence #M08000882. The Superintendent of Financial Services of Ontario (“Superintendent”) initiated an investigation regarding the conduct of Mr. Roland. A Notice of Proposal to Revoke Licence under the Act was issued by the Superintendent on July 17, 2014. On August 13, 2014, Mr. Roland responded by requesting a hearing before the Financial Services Tribunal (“FST”).
Mr. Roland and the Superintendent wish to resolve this matter on consent and without a hearing before the FST.

Minutes of Settlement

In consideration of the mutual covenants and promises set out below, the Superintendent and Mr. Roland agree as follows:

  1. Mr. Roland waives his right to a hearing before the Financial Services Tribunal and any right to an appeal from an order or decision of the Superintendent in this matter.

  2. Mr. Roland acknowledges and agrees that he has received independent legal advice and is entering into these Minutes of Settlement voluntarily.

  3. Mr. Roland for the purpose of these proceedings admits to the facts as set out in Schedule “A,” attached hereto, and further agrees that the facts admitted in Schedule “A” can be used in subsequent proceedings against him.

  4. Mr. Roland agrees that, between December 5, 2014 and June 30, 2015, he must complete the Ontario Mortgage Broker Education Program as offered by the Canadian Association of Accredited Mortgage Professionals (the “CAAMP Course”), and further that he must provide, on or before June 30, 2015, satisfactory proof of his successful completion of the CAAMP Course to the attention of:

    Jennifer Aleluia
    Regulatory Discipline Officer
    Licensing and Market Conduct Division
    Financial Services Commission of Ontario
    5160 Yonge Street, 4th Floor
    Toronto, ON, M2N 6L9

    Tel: (416) 226-7783
    Fax: (416) 226-7838
    Email: jennifer.aleluia@fsco.gov.on.ca


  5. Mr. Roland acknowledges and agrees that failing to comply with paragraph 4, above, may lead to further proceedings against Mr. Roland, including but not limited to licence revocation, licence suspension, administrative penalties, and prosecution.

  6. The Superintendent agrees that, if Mr. Roland complies with paragraph 4 above, neither he nor the Financial Services Commission of Ontario will take any further proceedings against Mr. Roland arising out of the facts as admitted by Mr. Roland, unless facts come to the attention of the Superintendent that are materially different from those agreed upon in Schedule “A,” attached hereto.

  7. Mr. Roland acknowledges and agrees that a summary of the Minutes of Settlement may be published by the Superintendent as part of the usual publications of the Superintendent reporting on enforcement action taken, save and except for Schedule “A,” attached hereto.
Undertaking

Mr. Roland makes and gives the following undertakings to the Superintendent:

  1. Mr. Roland agrees that he will not make representations to the public or the media that are inconsistent with these Minutes of Settlement.

  2. Mr. Roland undertakes that he will withdraw his request for a hearing immediately after the acceptance by the Superintendent of these Minutes of Settlement.

  3. Mr. Roland acknowledges that the above are undertakings within the meaning of the Act, and contravention or non-compliance may result in enforcement proceedings under the Act.

DATED at Toronto, Ontario, December 19,  2014.


Original signed by

Shonna Neil
Director, Licensing Branch

By Delegated Authority from:
The Superintendent of Financial Services

© Queen's Printer for Ontario, 2014