IN THE MATTER OF REGARDING 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 Ayaz Ahmed
ORDER IMPOSING ADMINISTRATIVE PENALTIES
Ayaz Ahmed (“Ahmed”) was licensed as a mortgage agent under the Act (licence M12001327).
On September 17, 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 administrative penalties on Ahmed for four contraventions of section 43(2) of the Act and two contraventions of section 4(1) of Ontario Regulation 187/08.
A Request for Hearing (Form 1), dated October 15, 2020, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.
On February 1, 2021, Ahmed withdrew the Request for Hearing, and on February 2, 2021, the Registrar of the Tribunal confirmed that the Tribunal closed its file in respect of this matter.
Therefore, pursuant to section 39(7) of the Act, and by delegated authority from the Chief Executive Officer, the Director makes the following Order.
Administrative penalties in the total amount of $50,000 are hereby imposed on Ayaz Ahmed 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 Ayaz Ahmed, with information as to where and how to pay the administrative penalties. Ayaz Ahmed must pay the administrative penalties no later than twelve (12) months after the date of this Order.
If Ayaz Ahmed 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, February 18, 2021.
Original signed by
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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