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Financial Services Regulatory Authority of Ontario

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, in particular sections 15, 21, 38 and 39 (“Act);

AND REGARDING George Bargis

 

ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY

George Bargis (“Mr. Bargis”) is a licensed mortgage broker under the Act (licence #M08007043).

On October 1, 2016, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an AMP of $4,000 on Mr. Bargis.

On October 16, 2016, Mr. Bargis requested a hearing before the Financial Services Tribunal (“Tribunal”) under the Act.

On June 8, 2019, the Financial Services Regulatory Authority of Ontario (“FSRA”) took on the duties and responsibilities of the Financial Services Commission of Ontario and the Chief Executive Officer (“CEO”) of FSRA took on the duties and responsibilities of the Superintendent and automatically replaced the Superintendent as a party to all proceedings before the Tribunal.

On August 23, 2019, Mr. Bargis withdrew his request for a hearing before the Tribunal. This order is made pursuant to a settlement entered into by the parties.  The Tribunal did not make any finding or determination as to the contraventions or failures to comply with the Act.

Pursuant to subsection 39(7) of the Act, the Chief Executive Officer may carry out the proposal.

ORDER

Mr. Bargis is ordered to pay an administrative penalty of $2,000.

DATED at Toronto, Ontario, on August 26, 2019.

Original signed by

Huston Loke
Executive Vice President, Market Conduct

By Delegated Authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario