IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 38 and 39;
AND IN THE MATTER OF Scott Reardon.
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
On March 1, 2019, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty in the total amount of $24,000 on Mr. Reardon. The Superintendent determined that Mr. Reardon contravened section 2(3) of the Act by dealing or trading in mortgages without a licence and section 3 of Ontario Regulation 187/08 by causing the brokerage to contravene requirements under the Act or regulations.
The Superintendent proposed administrative penalties of $4,000 per contravention for 2 contraventions of subsection 2(3) of the Act and $2,000 per contravention for 8 contraventions section 3 of Ontario Regulation 187/08
The Notice of Proposal was delivered to Mr. Reardon on March 5, 2019. Mr. Reardon had 15 days from the date notice was received to request a hearing before the Financial Services Tribunal (the “Tribunal”).
On June 8, 2019, the Financial Services Regulatory Authority of Ontario assumed the regulatory duties of the Financial Services Commission of Ontario, and the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”) assumed the regulatory duties of the Superintendent, under the Act.
The Registrar of the Tribunal confirmed on April 8, 2019 that no request for hearing had been made by Mr. Reardon or anyone acting on their behalf.
Administrative Penalties in the total amount of $24,000 are imposed on Scott Reardon.
TAKE NOTICE THAT Scott Reardon will be receiving an invoice from the Financial Services Regulatory Authority with information as to where and how to make the payment. Mr. Reardon must pay the Administrative Penalty no later than 30 days after the date of the invoice.
If Mr. Reardon fails to pay the Administrative Penalty in accordance with the terms of this Order, the Chief Executive Officer 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, December 6, 2019.
Original signed by
Director, Licensing Approvals
By delegated authority from the Chief Executive Officer of the Financial
Services Regulatory Authority
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