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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 Dowarka Persaud


Dowarka Persaud was licenced as a mortgage agent under the Act (licence #M12001375).

On July 5, 2018, pursuant to section 38 and 39 of the Act, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal to impose administrative penalties on Dowarka Persaud for contravening sections 24(1), 31(1) and 36(1) of Ontario Regulation 188/08, section 3 of Ontario Regulation 187/08 and section 45(1) of the Act (the “Notice of Proposal”).

A Request for Hearing (Form 1) dated July 18, 2018, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

Effective June 8, 2019, pursuant to the Financial Services Regulatory Authority of Ontario Act, 2016, S.O. 2016, c. 37, Sched. 8, the Financial Services Regulatory Authority of Ontario (“FSRA”) became the regulator under the Act and the powers and duties previously vested in the Superintendent under the Act were vested in the Chief Executive Officer of FSRA (the “Chief Executive Officer”).

On January 21, 2020, Dowarka Persaud withdrew the Request for Hearing, and, on January 22, 2020, the Tribunal closed its file in respect of this matter.

This Order is made pursuant to a settlement entered into by Dowarka Persaud and the Executive Vice President, Market Conduct, by delegated authority from the Chief Executive Officer.


Three (3) administrative penalties in the total amount of $25,000 are hereby imposed on Dowarka Persaud.

TAKE NOTICE THAT FSRA will deliver an invoice to Dowarka Persaud, with information as to where and how to pay the administrative penalties. Dowarka Persaud must pay the administrative penalties no later than twenty-four (24) months after the date of the invoice.

If Dowarka Persaud fails to pay the administrative penalties 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, February 21, 2020.

Original signed by

Huston Loke
Executive Vice President, Market Conduct

By delegated authority from the Chief Executive Officer

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