FSRA issues Notice of Proposal and Interim Suspension Order against My Mortgage Auction Corp. and Gregory Joseph Martel
TORONTO, June 22, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against My Mortgage Auction Corp. (MMAC) and Gregory Joseph Martel (Martel).
FSRA alleges that Martel and MMAC are not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act). This is due to the bankruptcy and financial position of MMAC, contraventions of requirements under the Act, provision of false or deceptive information to FSRA, and evidence as to conduct that affords reasonable grounds for belief that MMAC and Martel will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
FSRA is proposing to revoke the mortgage brokerage licence of MMAC and suspend the mortgage broker licence of Martel. FSRA has issued an interim order suspending their licences effective June 15, 2023.
MMAC and Martel may request a hearing before the Financial Services Tribunal about this proposal.
Learn more:
FSRA is working to protect consumers through its monitoring and enforcement activities.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
FOR MEDIA INQUIRIES:
Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario
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