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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.

 

 

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 sections 38 and 39;

AND REGARDING Sudharshini Ponniah.


ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY

Sudharshini Ponniah (“Ms. Ponniah”) holds a mortgage agent licence under the Mortgage Brokerages, Lenders and Administrators Act (the “Act”) (licence number M09002464).
 
On July 4, 2017, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to amend the mortgage agent licence of Ms. Ponniah and to impose upon Ms. Ponniah an administrative penalty in the amount of $3,000. The Notice was served on Ms. Ponniah by fax, regular mail and registered mail on July 6, 2017.

Ms. Ponniah had fifteen (15) days after the Notice was given to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with subsection 39(5) the Act.

On July 28, 2017, Ms. Ponniah filed a Request for Hearing with the Tribunal.

On November 1, 2017, the Superintendent brought a Motion to Dismiss the Request for Hearing as the Tribunal does not have jurisdiction to hear the matter.

On December 12, 2017, pursuant to its authority under Rule 32.03 of the Rules of Practice and Procedure for Proceedings before the Financial Services Tribunal, the Tribunal ordered that Ms. Ponniah’s Request for Hearing be dismissed without a hearing.

Subsection 39(7) of the Act provide that where a hearing has not been requested in accordance with subsection 39(5) of the Act, the Superintendent may carry out the proposal.

ORDER

An administrative penalty in the amount of $3,000 is hereby imposed on Sudharshini Ponniah.  

TAKE NOTICE THAT Ms. Ponniah will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government and Consumer Services, with information as to where and how to make the payment. Ms. Ponniah must pay the administrative penalty no later than thirty (30) days after the date of the invoice.

If Ms. Ponniah 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 the 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 on the 15th day of December, 2017.

Original signed by

Anatol Monid
Executive Director,
Licensing and Market Conduct Division

By Delegated Authority from
the Superintendent of Financial Services

© Queen's Printer for Ontario, 2018