TORONTO, Jan. 14, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed administrative penalties in the amount of $20,000 against Patricia Porretta (Porretta).
Porretta gave false and deceptive information when dealing in mortgages, contrary to section 43(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act), and dealt in mortgages for renumeration when not acting on behalf of a mortgage brokerage and not exempt from the requirement to be licensed, contrary to section 2(3) of the Act.
Porretta requested a hearing before the Financial Services Tribunal (Tribunal). However, Porretta did not comply with the schedule set by the Tribunal, and the Tribunal dismissed her Request for Hearing and ordered FSRA to carry out its enforcement action. The reasons for dismissing the Request for Hearing are set out in the Tribunal's decision.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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