REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, in particular sections 19 and 21.
AND REGARDING Barbara Romanow
AND REGARDING Aztec Financial Corp.
EXTENSION OF INTERIM SUSPENSION ORDERS
Aztec Financial Corp.
457 Jevin Drive – Unit #8
Woodbridge ON L4L 7Z9
On June 28, 2018, the Superintendent of Financial Services (the “Superintendent”) issued Interim Suspension Orders (“Interim Orders”) against Barbara Romanow (“Ms. Romanow”) and Aztec Financial Corp. (“Aztec”), pursuant to subsection 19(3) of the Act.
On the same day, the Superintendent issued Notices of Proposal to Revoke Licences against Ms. Romanow and Aztec, pursuant to subsection 19(1) of the Act.
The Interim Orders took effect immediately and remain in effect until the expiry of the period for requesting a hearing in respect of the Superintendent’s Notice of Proposal.
On July 16, 2018, Ms. Romanow and Aztec filed a Request for Hearing with the Registrar of the Financial Services Tribunal (the “Tribunal”) in respect of the Superintendent’s Notices of Proposal.
Pursuant to subsection 18(6) and 19(4) of the Act, because Ms. Romanow and Aztec have requested a hearing before the Tribunal, the Superintendent may extend the Interim Orders until the proposal is finally determined.
For the reasons set out in the Interim Orders against Ms. Romanow and Aztec, the Superintendent continues to be of the opinion that the interests of the public may be adversely affected by any delay in the imposition of a revocation order against Ms. Romanow and Aztec.
INTERIM SUSPENSION ORDER
IT IS ORDERED THAT pursuant to subsections 18(6) and 19(4) of the Act, the Interim Suspension Orders dated June 28, 2018, against Barbara Romanow and Aztec Financial Corp. are extended until the proposals in the Notice of Proposal to Revoke Licences dated June 28, 2018, are finally determined.
AND TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) and (2) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $100,000.00 or imprisonment for a term of not more than a year or both a fine and imprisonment. Every corporation convicted of an offence under the Act is liable to a fine of not more than $200,000.00.
Pursuant to subsection 48(5) of the Act, every director or officer of a corporation that commits an offence under this Act 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.
Subsection 48(6) provides that every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an act or omission by the partnership or entity which, if committed by a person, would be an offence under the Act, is guilty of an offence.
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, boîte 85, Toronto ON M2N 6L9.
DATED at Toronto, Ontario July 20, 2018
Original Signed by
Superintendent of Financial Services
© Queen's Printer for Ontario, 2018