Disclaimer
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.

 

 

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, in particular section 19;


TO: First Commonwealth Mortgage Corporation

AND TO: Tier 1 Mortgage Corporation

AND TO: Bhaktraj Singh

AND TO: Jude Cassimy

AND TO: Dave Balkissoon



EXTENSION OF INTERIM ORDER SUSPENDING LICENCE

On October 20, 2016, the Superintendent of Financial Services (“Superintendent”) issued an Interim Order Suspending Licence (the “Interim Order”) against First Commonwealth Mortgage Corporation (“First Commonwealth”), Tier 1 Mortgage Corporation (“Tier 1 Mortgage”),  Bhaktraj Singh (“Mr. Singh”), Jude Cassimy (“Mr. Cassimy”), and Dave Balkissoon (”Mr. Balkissoon”)  pursuant to subsection 19(3) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the “Act”). The Interim Order suspended the licences of the above named entities and individuals.

On the same day, the Superintendent issued a Notice of Proposal to revoke the licences of First Commonwealth, Tier 1 Mortgage, Mr. Singh, Mr. Cassimy and Mr. Balkissoon (the “Notice”).

On November 3, 2016, First Commonwealth and Mr. Cassimy filed a Request for Hearing with the Financial Services Tribunal (”the “Tribunal”) in respect of the Notice. On that same day, Tier 1 Mortgage and Mr. Balkissoon also filed a Request for Hearing with the Tribunal in respect of the Notice. Also on that same day, Mr. Singh filed a Request for Hearing with the Tribunal in respect of the Notice.

Pursuant to subsections 19(4) and 18 (6) of the Act, as First Commonwealth, Tier 1 Mortgage, Mr. Singh, Mr. Cassimy and Mr. Balkissoon have requested a hearing before the Tribunal, the Superintendent may extend the Interim Order until the proposal is finally determined.

For the reasons set out in the Interim Order, the Superintendent continues to be of the opinion that the interests of the public may be adversely affected by any delay in the revocation of the licences of the above named entities and individuals.

TAKE NOTICE THAT pursuant to subsections 19(4) and 18(6) of the Act, the Interim Order Suspending Licence dated October 20, 2016 is extended until the proposal in the Notice dated October 20, 2016 is finally determined.

AND TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every person convicted of an offence under the Act is liable to a fine of not more than $100,000 or to imprisonment for a term of not more than one year or both a fine and imprisonment. 

AND TAKE NOTICE THAT pursuant to subsections 48(5) and 49(2) of the Act, if a corporation commits an offence under the Act, every director or officer of a corporation who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted, and liable to a fine of not more than $200,000.00.

Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, 14em, Toronto ON M2N 6L9.

ISSUED at the City of Toronto, Ontario, November 8, 2016.

Original signed by

Brian Mills,
Superintendent of Financial Services

© Queen's Printer for Ontario, 2016