IN THE MATTER OF the Mortgage Brokerage, 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 Fortress Real Developments Inc.
ORDER IMPOSING ADMINISTRATIVE PENALTIES
Fortress Real Developments Inc. (“FRDI”) is an Ontario Corporation that has never been licensed under the Act.
On August 24, 2018, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal to Impose Administrative Penalties in the total amount of $300,000 on FRDI for contravening section 2(2) of the Act (“Notice of Proposal”).
A Request for Hearing (Form 1), dated September 10, 2018, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.
Effective June 8, 2019, pursuant to the Financial Services Regulatory Authority of Ontario Act, 2016, S.O. 2016, c. 37, Sched. 8, the Financial Services Regulatory Authority of Ontario became the regulator under the Act and the powers and duties previously vested in the Superintendent were vested in the Chief Executive Officer of Financial Services Regulatory Authority of Ontario (“CEO”).
On August 27, 2020, FRDI withdrew the Request for Hearing, and on September 2, 2020, the Tribunal closed its file in respect of this matter. This order is made pursuant to a settlement entered into by FRDI and the Director, Litigation and Enforcement, by delegated authority from the CEO.
Administrative penalties in the total amount of $250,000 are hereby imposed on Fortress Real Developments Inc. for contravening section 2(2) of the Act.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to FRDI with information as to where and how to pay the administrative penalties. FRDI must pay the administrative penalties no later than thirty (30) days after the date of the invoice.
If FRDI 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, September 9, 2020.
Original signed by
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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