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 Canadian Development Capital & Mortgage Services Inc., operating as CDCM (the “CDCM”).
ORDER IMPOSING AN ADMINISTRATIVE PENALTY
CDCM is licensed as a mortgage brokerage (licence # 12979) under the Act.
Julie (Giuliana) Galati (“Galati”) is licensed as a mortgage broker (licence # M08007025) under the Act. Galati is also the principal broker of CDCM.
On September 1, 2020, and 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 $15,000 on CDCM for giving or assisting in giving false or deceptive information to another person when carrying on the business of dealing in mortgages in Ontario, contrary to section 43(1) of the Act.
A Request for Hearing (Form 1), dated September 22, 2020, was delivered to the Financial Services Tribunal (the “Tribunal”) by Galati on behalf of CDCM in accordance with section 39(5) of the Act respecting the Notice of Proposal.
On December 4, 2020, Galati on behalf of CDCM withdrew the Request for Hearing, and, on December 18, 2020, 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.
An administrative penalty in the amount of $15,000 is hereby imposed on Canadian Development Capital & Mortgage Services Inc., for the reasons set out in the Notice of Proposal.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Canadian Development Capital & Mortgage Services Inc. with information as to where and how to pay the administrative penalty. Canadian Development Capital & Mortgage Services Inc. must pay the administrative penalty no later than thirty (30) months after the date of the invoice.
If Canadian Development Capital & Mortgage Services Inc. 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 the order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, February 9, 2021.
Original signed by
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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