TORONTO, March 5, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed six (6) administrative penalties in the total amount of $35,000 on Maryam Hasaballah (Hasaballah).
Hasaballah contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:
- By failing to take reasonable steps to ensure that the mortgages she presented to borrowers were suitable for them and failing to disclose material risks, contrary to section 3 of Ontario regulation 187/08 and subsection 24(1) and 25(1) of Ontario Regulation 188/08;
- By providing false and/or deceptive information to lenders and borrowers, contrary to subsections 43(2) of Act; and
- By obstructing FSRA's investigation, contrary to subsection 44(1) of the Act.
Hasaballah did not request a hearing before the Financial Services Tribunal or contest FSRA's proposal.
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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