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Notice of Proposal to Impose Compliance Order and Interim Compliance Order Against Satvir Kaur Brar aka Nikki Brar aka Nikki Perdja

​REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the "Act"), in particular sections 2, 9, and 35

AND REGARDING Satvir Kaur Brar aka Nikki Brar aka Nikki Perdja

NOTICE OF PROPOSAL TO IMPOSE COMPLIANCE ORDER

and

INTERIM COMPLIANCE ORDER

 

INTERIM COMPLIANCE ORDER
 

Section 35(2) of the Act provides that if, in the opinion of the Superintendent of Financial Services ("Superintendent"), a person or entity is committing any act or pursuing any course of conduct that contravenes or does not comply with a requirement established under this Act, or has committed or pursued any course of conduct that contravenes or does not comply with a requirement established under this Act, the Superintendent may propose to order the person or entity to cease committing an act or cease pursuing a course of conduct identified by the Superintendent or to perform such acts as, in the Superintendent’s opinion, are necessary to remedy the situation. Section 35(3) of the Act provides that where the Superintendent proposes to make such an order, he shall give written notice of the proposal to the person or entity, including reasons for the proposal. A notice of proposal to make a compliance order is set out below.
 
Section 35(7) of the Act provides that, if in the Superintendent’s opinion the interests of the public may be adversely affected by any delay in making an order as result of the steps required by section 35, the Superintendent may, without notice, make an interim order and may do so before or after giving the notice required by section 35(3).
 
In the Superintendent’s opinion, the interests of the public may be adversely affected by any delay in making a compliance order against Satvir Kaur Brar aka Nikki Brar aka Nikki Perdja ("Brar") for the following reasons:
 
  1. The Act states that "No person or entity shall carry on the business of dealing in mortgages in Ontario unless he, she or it has a brokerage licence or is exempted from the requirement to have such a licence." (s. 2(2)). No exemptions apply in this case.
  2. The Act states that a person or entity is "dealing in mortgages" when he, she or it engages in  the following  activities, or holds themselves out as doing so:
    • Soliciting another person to borrow or lend money on the security of real estate;
    • Providing information about a prospective borrower to a prospective mortgage lender;
    • Assessing a prospective borrower on behalf of a prospective mortgage lender;
    • Negotiating or arranging a mortgage on behalf of another person or entity.
  3. Section 43(2) of the Act further provides that, among other things, no mortgage broker or agent shall give any false or deceptive information or document when dealing in mortgages in Ontario.
  4. Brar held a mortgage agent licence in Ontario from August 1, 2008 to March 31, 2010, on which date her licence expired and was not renewed.
  5. After the expiry of her mortgage agent licence, Brar has nevertheless carried on the business of dealing in mortgages, without a licence.
  6. In the period March 31, 2010, to January 31, 2011, Brar represented herself as a mortgage broker or agent to Ontario residents. She purports to be associated with an entity called "Canada Lending" which advertised mortgage broker services on www.kijiji.ca, as well as another entity, "Private Lending Inc". Canada Lending and Private Lending Inc. do not hold a licence of any kind under the Act. Brar has communicated with Ontario residents using the email address nikkimortgages@gmail.com.
  7. Brar purported to take steps necessary to arrange a mortgage on behalf of CC, a complainant. In September 2010, she provided CC with mortgage-related documents including a Commitment Letter from a purported lender, in respect of a Brampton, Ontario property. That deal did not close. Brar subsequently purported to arrange a loan for $60,000 secured on the Brampton property. She requested and obtained a fee of $1000 for this loan from CC in October 2010.
  8. No loan was provided to CC. In spite of numerous requests, the fee was not returned to CC.
  9. Sometime in 2010, Brar moved to British Columbia but has continued to communicate with Ontario residents into 2011 using the email address nikkimortgages@gmail.com.
  10. As described above, Brar has held herself and/or is holding herself out as being in the business of dealing in mortgages. She does not hold a licence under the Act and is therefore committing an act, or pursuing course of conduct, that contravenes the Act. This conduct is an offence under the Act.
  11. Brar has also provided false or deceptive information or documents when dealing with mortgages in Ontario. This conduct is an offence under the Act.
  12. Although Brar has collected fees, no mortgage loan, lawful or otherwise, was provided. The conduct of Brar is fraudulent and is a flagrant violation of the licensing scheme in the Act.
  13. For all of the above reasons, the Superintendent is of the opinion a delay in the issuance of a compliance order may adversely affect the public interest.

INTERIM ORDER

It is ordered that Satvir Kaur Brar aka Nikki Brar aka Nikki Perdja:
  1. Immediately cease in Ontario soliciting persons or entities to borrow money on the security of real estate or holding herself out as doing so;
  • Immediately cease in Ontario providing information about a prospective borrower to a prospective mortgage lender or holding herself out as doing so in Ontario;
  • Immediately cease in Ontario assessing a prospective borrower on behalf of a prospective mortgage lender or holding herself out as doing so in Ontario;
  1. Immediately cease in Ontario negotiating or arranging a mortgage on behalf of another person or entity or holding herself out as doing so, in Ontario;
  2. Immediately cease in Ontario accepting any fees or funds in connection with the solicitation, negotiation, or arrangement of a mortgage, in Ontario.
The Interim Order takes effect immediately and will remain in effect until the expiry of the period for requesting a hearing about the Superintendent’s Notice of Proposal (15 days after the Notice is received, or deemed to have been received). If a hearing before the Financial Services Tribunal (“Tribunal”) is requested, the Superintendent may extend the interim order until the proposal is finally determined.
 
Pursuant to sections 48(4) and 49(1) and (2) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $100,000.00 or imprisonment for a term of not more than a year or both a fine and imprisonment. Every corporation convicted of an offence under the Act is liable to a fine of not more than $200,000.00.
 
Pursuant to section 48(5) of the Act, every director or officer of a corporation that commits an offence under this Act who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted.
 
Section 48(6) provides that every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an act or omission by the partnership or entity which, if committed by a person, would be an offence under the Act, is guilty of an offence.
 

NOTICE OF PROPOSAL TO IMPOSE COMPLIANCE ORDER

TAKE NOTICE THAT pursuant to section 35 of the Act, the Superintendent is proposing to order Satvir Kaur Brar aka Nikki Brar aka Nikki Perdja to:
  1. Cease in Ontario soliciting persons or entities to borrow money on the security of real estate or holding herself out as doing so;
  2. Cease in Ontario providing information about a prospective borrower to a prospective mortgage lender or holding herself out as doing so;
  3. Cease in Ontario assessing a prospective borrower on behalf of a prospective mortgage lender or holding herself out as doing so;
  4. Cease in Ontario negotiating or arranging a mortgage on behalf of another person or entity or holding herself out as doing so;
  5. Cease in Ontario accepting any fees or funds in connection with the solicitation, negotiation, or arrangement of a mortgage.
The reasons for the proposal to revoke the licence will be served with this Notice.
 
AND TAKE NOTICE THAT pursuant to section 35(4) of the Act, a hearing before the Financial Services Tribunal may be requested within 15 days after this Notice is received, or deemed to have been received. The request for a hearing shall be in writing (Form 1, Request for Hearing, sent to you along with this Notice) and shall be mailed or delivered:
 
TO:           
   
Financial Services Tribunal
5160 Yonge Street, 14th Floor, Box 85
Toronto, ON  M2N 6L9
Attention:  Registrar                    
Fax: 416.226.7750
 
AND TO:     
 
Superintendent of Financial Services
Senior Manager, Licensing and Marketing Conduct Division
5160 Yonge Street, Box 85
Toronto, ON  M2N 6L9
 
If you do not request a hearing or do not make the request in accordance with section 35(4), section 35(6) of the Act provides that the Superintendent may carry out the proposal to revoke the licence.
 
If you request a hearing, section 35(5) of the Act provides that the Tribunal may, by order, direct the Superintendent to carry out the proposal, with or without changes, or substitute its opinion for that of the Superintendent and the Tribunal may impose such conditions as it considers appropriate in the circumstances.
 
At the hearing, your good character, propriety of conduct or competence may be in issue.
 
The hearing before the Tribunal will proceed in accordance with the Rules of Practice and Procedure of the Tribunal made under the authority of the Statutory Powers Procedure Act, R.S.O. 1990, c. S. 22. The Rules of Practice and Procedure are available at the website of the Tribunal: www.fstontario.ca. Alternatively, a copy can be obtained by telephoning the Registrar of the Tribunal at 416.590.7294, or toll free at 1.800.668.0128 ext. 7294.
 
You may be furnished with further or other particulars in respect of any matter herein or in respect of any other matter, including further grounds to suspend the licence or to impose an administrative penalty.
DATED at Toronto, Ontario,  June 8, 2011.
 
 
 
Philip Howell
Superintendent of Financial Services
 
TO:              
 
Satvir Kaur Brar
32627 Lonsdale
 
AND TO:      
 
Larissa Easson
Financial Services Commission of Ontario
Legal Services Branch
5160 Yonge Street, Suite 1700
Toronto ON  M2N 6L9
Tel: 416-226-7842
Fax: 416-590-7556