TORONTO, April 8, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Tracy Scimeca and Antonino (Nino) Scimeca (Nino Scimeca).
FSRA alleges that Tracy Scimeca 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 her authorized mortgage brokerage, contrary to section 2(3) of the Act.
b. By receiving remuneration for dealing in mortgages from an entity other than her authorized mortgage brokerage, contrary to section 4(1) of Ontario Regulation 187/08.
c. By giving, assisting in giving, inducing or counselling another person to provide false information when dealing in mortgages, contrary to section 43(2) of the Act.
FSRA alleges that Nico Scimeca facilitated dishonesty, fraud, or illegal activity, contrary to section 3.1 of Ontario Regulation 187/08.
FSRA is proposing to impose two (2) administrative penalties in the total amount of $200,000 on Tracy Scimeca and one (1) administrative penalty in the amount of $50,000 on Nino Scimeca. FSRA is also proposing to impose a compliance order against Tracy Scimeca to cease and desist from dealing or trading in mortgages in Ontario.
Tracy Scimeca and Nino Scimeca requested a hearing before the Financial Services Tribunal about this 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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