TORONTO, Oct. 19, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Eli Benzaquen (Benzaquen).
FSRA alleges that Benzaquen contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:
a) By dealing in mortgages for remuneration without acting on behalf of a brokerage, contrary to subsection 2(3) of the Act.
b) By receiving renumeration from a person other than the brokerage he was authorized to deal in mortgages by, contrary to subsection 4(1) of Ontario Regulation 187/08.
c) By providing false or misleading information to FSRA, contrary to subsections 45 (1) and 45(2) of the Act.
FSRA further alleges that Benzaquen is not suitable for licensing as his past conduct affords reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty and due to his provision of false information to the Chief Executive Officer on licensing applications.
FSRA is proposing to revoke the mortgage agent licence issued to Benzaquen and impose administrative penalties in the total amount of $36,000 against Benzaquen.
Benzaquen requested 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 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: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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