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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, as amended (the “Act”), in particular sections 38 and 39;

AND IN THE MATTER OF Brian Klein (“Klein”).

ORDER IMPOSING AN ADMINISTRATIVE PENALTY

Klein is not and has never been licensed as a mortgage broker or mortgage agent under the Act.

On June 7, 2018, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal (the “Notice of Proposal”) to impose administrative penalties on Klein in the amount of $15,000 for dealing in mortgages for remuneration without a mortgage broker or mortgage agent licence contrary to section 2(3) of the Act.

On June 26, 2018, Klein filed a Request for Hearing (Form 1), with the Financial Services Tribunal (“Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On June 8, 2019, the Financial Services Regulatory Authority of Ontario (“FSRA”) assumed the regulatory duties of the Financial Services Commission of Ontario, and the Chief Executive Officer of FSRA (“Chief Executive Officer”) assumed the regulatory duties of the Superintendent under the Act.

On August 28, 2020, Klein withdrew the Request for Hearing.

On September 16, 2020, the Tribunal confirmed that it had closed its file in respect of this matter.

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

ORDER

An administrative penalty in the amount of $10,000 is hereby imposed on Brian Klein, for the reasons set out in the Notice of Proposal.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Brian Klein, with information as to where and how to pay the administrative penalty. As per the settlement, the payment of the administrative penalty is due on March 31, 2021.

If Brian Klein 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 the order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario, November 9, 2020.

Original signed by

Huston Loke
Executive Vice President, Market Conduct

By delegated authority from the Chief Executive Officer

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