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

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 Charn Ghuman.

 

ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY

On February 7, 2018, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty against Charn Ghuman (“Mr. Ghuman”). The Superintendent alleged that Mr. Ghuman 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.

On February 20, 2018, Mr. Ghuman requested 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.

A delegate of the Chief Executive Officer and Mr. Ghuman have resolved the matter without a hearing and on consent.

The Registrar of the Tribunal confirmed on December 3, 2019 that the hearing was cancelled.

ORDER

An Administrative Penalty in the amount of $5,000 is imposed on Charn Ghuman.

TAKE NOTICE THAT Charn Ghuman will be receiving an invoice from the Financial Services Regulatory Authority with information as to where and how to make the payment. Mr. Ghuman must pay the Administrative Penalty no later than 30 days after the date of the invoice.

If Mr. Ghuman 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, January 3, 2020.

Original signed by

Wendy Horrobin
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 : contactcentre@fsrao.ca.