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 Navdeep Boparai.
ADMINISTRATIVE PENALTY ORDER
On December 13, 2018, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty in the total amount of $50,000 on Mr. Boparai. The Superintendent determined that Mr. Boparai contravened section 2(3) of the Act by dealing or trading in mortgages while his licence was under an interim suspension pursuant to subsection 18(7) of the Act.
The Superintendent proposed administrative penalties of $10,000 per contravention for 5 contraventions of subsection 2(3) of the Act.
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.
On December 19, 2018, Mr. Boparai filed a request for hearing with the Financial Services Tribunal (the “Tribunal”).
On June 17, 2019, Mr. Boparai withdrew his request for a hearing before the Tribunal.
Administrative Penalties in the total amount of $50,000 are imposed on Navdeep Boparai.
TAKE NOTICE THAT Navdeep Boparai will be receiving an invoice from the Financial Services Regulatory Authority with information as to where and how to make the payment. Mr. Boparai must pay the administrative penalty no later than 30 days after the date of the invoice.
If Mr. Boparai 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 12, 2019.
Original signed by
Director, Licensing Approvals
By delegated authority from the Chief Executive Officer of the Financial
Services Regulatory Authority
Si vous désirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immédiatement à : email@example.com.