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 Financial Ties Ltd. (“Financial Ties”)
ORDER TO REVOKE LICENSE AND IMPOSE ADMINISTRATIVE PENALTIES
Financial Ties has been licensed as a mortgage brokerage since April 22, 2008 (licence #10749).
On April 20, 2022, 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 revoke the mortgage brokerage license issued to Financial Ties and to impose two administrative penalties in the total amount of $15,000 on Financial Ties as follows:
The Notice of Proposal was delivered to Financial Ties’ lawyer on April 20, 2022.
A Request for Hearing (Form 1) dated May 3, 2022, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.
On July 14, 2022, Financial Ties withdrew the Request for Hearing, and, on July 15, 2022 the Tribunal closed its file in respect of this matter. Therefore, pursuant to section 39(7) of the Act, the Director makes the following order.
The mortgage brokerage license issued to Financial Ties Ltd. is hereby revoked.
Administrative penalties in the total amount of $15,000 are hereby imposed on Financial Ties Ltd., for the reasons set out in the Minutes of Settlement.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Financial Ties Ltd. with information as to where and how to pay the administrative penalties. Financial Ties Ltd. must pay the administrative penalties no later than thirty (30) days after the Mareva order dated September 17, 2020, is lifted or the litigation proceeding in which the Mareva order was issued is concluded.
If Financial Ties Ltd. 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, Ontario, July 19, 2022
Original signed by
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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