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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the MortgageBrokerages,LendersandAdministratorsAct,2006,
S.O. 2006, c. 29, as amended (the “Act”), in particular sections 38 and 39;

AND IN THE MATTER OF Stephen Dostal.

ORDER IMPOSING ADMINISTRATIVE PENALTIES

Stephen Dostal (“Dostal”) is licensed as a mortgage agent under the Act (licence # M08005029).

On January 21, 2020, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Executive Vice President, Market Conduct, issued a Notice of Proposal to impose administrative penalties on Dostal for receiving, directly or indirectly, a fee or other remuneration for dealing or trading in mortgages, from a person or entity other than the brokerage on whose behalf Dostal was authorized to deal or trade in mortgages, contrary to section 4(1) of Ontario Regulation 187/08 under the Act.

A Request for Hearing (Form 1), dated February 2, 2020, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On November 12, 2020, Dostal withdrew the Request for Hearing, and on November 25, 2020, the Registrar of the Tribunal confirmed that the Tribunal closed its file in respect of this matter. This Order is made pursuant to a settlement entered into by Dostal and the Head, Licensing and Risk Assessment Branch.

Therefore, pursuant to section 39(7) of the Act, and by delegated authority from the Chief Executive Officer, the Head, Licensing and Risk Assessment Branch, makes the following Order.

ORDER

Administrative penalties in the total amount of $19,500 are hereby imposed on Dostal.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Stephen Dostal, with information as to where and how to pay the administrative penalties. Dostal must pay the administrative penalties no later than twelve
(12) months after the date of this Order.

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

DATED at Toronto, December 7, 2020.

Original signed by

Wendy Horrobin
Head, Licensing and Risk Assessment Branch

By delegated authority from the Chief Executive Officer

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