TORONTO , Jan. 6, 2014 /CNW/ - The Financial Services Commission of Ontario (FSCO) has laid 18 charges against Glenn Whitter under Ontario's Mortgage Brokerages, Lenders and Administrators Act, 2006.
Mr. Whitter faces nine counts of dealing in mortgages without a brokerage licence and nine counts of administering mortgages without a mortgage administrator's licence.
The first appearance in this matter will be held on February 20, 2014 at 9:00 a.m. at 70 Centre Avenue in Toronto .
FSCO has also issued a Notice of Proposal to Impose a Compliance Order against Mr. Whitter. If issued, that compliance order will require Mr. Whitter to immediately cease carrying on mortgage brokering business in Ontario and holding himself out as doing so.
Mr. Whitter may request a hearing before the Financial Services Tribunal within 15 days of receiving the Notice of Proposal to Impose a Compliance Order.
It is alleged that Mr. Whitter solicited individuals to borrow and lend money on the security of real property without a licence from FSCO. It is also alleged that Mr. Whitter solicited some of these individuals through online dating websites.
The Mortgage Brokerages, Lenders and Administrators Act, 2006 requires Ontario's mortgage brokerages, administrators, brokers and agents to be licenced and holds them to specific standards. Every individual convicted of an offence under the Act, including not complying with an interim order, is liable to a fine of up to $100,000.00 , imprisonment for up to a year, or both.
FSCO investigates allegations of misconduct, unfair practices and non-compliance with legislation or regulations in its regulated sectors. When warranted, FSCO takes enforcement action.
FSCO is an agency of the Ministry of Finance established under the Financial Services Commission of Ontario Act, 1997. It regulates insurance, pension plans, loan and trust companies, credit unions and caisses populaires, co-operative corporations and mortgage brokerages and administrators in Ontario .
SOURCE Financial Services Commission of Ontario
- Mortgage Loans