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Financial Services Regulatory Authority of Ontario

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 Ashraf Koya (“Koya”).

ORDER IMPOSING ADMINISTRATIVE PENALTIES

Koya was licenced as a mortgage broker under the Act (licence number M08010279) on August 5, 2008 and was a principal broker for Pioneer Mortgages Inc., brokerage number 12183 (“Pioneer”). Koya’s licence expired on April 1, 2018.

On August 26, 2020, 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 two administrative penalties in the total amount of $15,000 on Koya as follows:

  1. An administrative penalty in the amount of $10,000 for contravening section 3 of Ontario Regulation 187/08 by doing or omitting to do anything that might reasonably cause the brokerage on whose behalf he was authorized to deal or trade in mortgages to contravene the Act, namely causing Pioneer to contravene section 48 of Ontario Regulation 188/08; and

  2. An administrative penalty in the amount of $5,000 for providing false information to the Chief Executive Officer (then the Superintendent of Financial Services) contrary to section 45 of the Act.

A Request for Hearing (Form 1), dated September 26, 2020, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

The Tribunal held an electronic hearing on April 9, 2021.

The Tribunal, in its Reasons for Decision dated April 21, 2021 (the “Decision”), directed the Chief Executive Officer to carry out the Notice of Proposal and impose upon Koya the administrative monetary penalties totalling $15,000.

ORDER

Two administrative penalties in the total amount of $15,000 are hereby imposed on Ashraf Koya, for the reasons set out in the Decision.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Ashraf Koya, with information as to where and how to pay the administrative penalties. Ashraf Koya must pay the administrative penalties no later than thirty (30) days after the date of the invoice.

If Ashraf Koya 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, April 29,  2021.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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