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 Sadaquat Tanweer (“Tanweer”).
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Tanweer was licensed as a mortgage agent under the Act, license M13001221. Tanweer was licensed from June 21, 2013, until his license expired on March 31, 2020.
On April 15, 2021, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”), issued a Notice of Proposal to Impose an Administrative Penalty in the amount of $10,000 on Tanweer for contravening section 3.1 of Ontario Regulation 187/08 by acting, or doing or omitting to do anything in circumstances where he ought to know that by acting, doing the thing or omitting to do the thing, he was being used by any other person to facilitate dishonesty, fraud, crime or illegal conduct.
A Request for Hearing (Form 1), dated May 12, 2021, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act.
On August 5, 2021, Tanweer withdrew the Request for Hearing, and on August 5, 2021, the Tribunal closed its file in respect of this matter. This order is made pursuant to a settlement entered into by Tanweer and the Director.
An administrative penalty in the amount of $10,000 is hereby imposed on Sadaquat Tanweer for the reasons set out in the Notice of Proposal.
TAKE NOTICE THAT that the Financial Services Regulatory Authority of Ontario will deliver an invoice to Sadaquat Tanweer, with information as to where and how to pay the administrative penalty. Sadaquat Tanweer must pay the administrative penalty no later than eighteen (18) months after the date of the invoice.
If Sadaquat Tanweer 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, August 10, 2021.
Original signed by
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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