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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 38 and 39,

AND REGARDING Sohail Choudhry

ORDER FOR AN ADMINISTRATIVE PENALTY

Sohail Choudhry (“Mr. Choudhry”) holds a mortgage agent licence (licence # M08008616) under the Act.

On September 4, 2018, a delegate of the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty of $10,000 (the “Notice”) on Mr. Choudhry. The Superintendent had determined that Mr. Choudhry contravened subsection 4 (1) of Ontario Regulation 187/08 by receiving remuneration from a person other than the brokerage on whose behalf he was authorized to deal or trade in mortgages.

The Notice was sent by regular mail and registered mail on September 7, 2018. Mr. Choudhry filed a request for hearing with the Financial Services Tribunal (“Tribunal”) in accordance with subsection 39(5) of the Act.

The Superintendent and Mr. Choudhry have agreed to settle this matter without a hearing. On February 20, 2019, Mr. Choudhry withdrew his request for hearing.

Subsection 39(7) of the Act provides that the Superintendent may carry out the proposal when no request for hearing has been filed with the Tribunal.

ORDER

An Administrative Penalty of $10,000 is imposed on Sohail Choudhry (licence M08008616).

TAKE NOTICE THAT Sohail Choudhry 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. Mr. Choudhry must pay the administrative penalty no later than six (6) months after the date of the invoice.

If Mr. Choudhry 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, February 28, 2019.

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, 2019