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.

 

Financial Services Regulatory Authority of Ontario

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, in particular sections 18, 19, 21, 38 and 39;

AND REGARDING Nicholas Veri;

AND REGARDING Next Evolution Mortgages;


ORDER TO REVOKE LICENCE

Next Evolution Mortgages Inc. (“NEM”) is a licensed mortgage brokerage under the Act (licence number 12369).

On October 18, 2018, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Revoke Licence (“NOP”) against NEM.

On November 15, 2018, NEM filed a request for a hearing with the Financial Services Tribunal (the “Tribunal”).

On June 8, 2019, the Financial Services Regulatory Authority of Ontario (“FSRA”) assumed the regulatory duties of the Financial Services Commission of Ontario, and the Chief Executive Officer of FSRA (the “Chief Executive Officer”) assumed the regulatory duties of the Superintendent, under the Act.

On June 20, 2019, NEM withdrew its request for a hearing. The Tribunal did not make any finding or determination as to the contraventions or failures to comply with the Act.

Pursuant to subsection 21(7) of the Act, the Chief Executive Officer may carry out the proposal.

ORDER

The mortgage brokerage licence of NEM is hereby revoked.

DATED at Toronto, Ontario, on July 29, 2019.

Original signed by

Huston Loke
Executive Vice President, Market Conduct

By delegated authority from the Chief Executive Officer

This Order was originally signed by the Executive Vice President, Market Conduct on July 5, 2019, and it was effective that day. The Order was subsequently revised to correct typographical errors and comply with FSRA’s Visual Identity Guidelines.