FSRA issues Notice of Proposal and Interim Suspension Order against First Swiss Mortgage Corp. and Reza Nezami-Nia

TORONTO, March 28, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against First Swiss Mortgage Corp. (First Swiss) and Reza Nezami-Nia (Nezami-Nia).

FSRA alleges that First Swiss and Nezami-Nia are no longer suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act). This is due to the bankruptcy and financial position of First Swiss, contraventions of requirements under the Act, and provision of false or deceptive information to FSRA and lenders.

FSRA is proposing to revoke First Swiss' mortgage brokerage licence, First Swiss' mortgage administrator licence and Nezami-Nia's mortgage broker licence. FSRA has issued an interim order suspending their licences effective March 22, 2023.

First Swiss and Nezami-Nia may request a hearing before the Financial Services Tribunal about this proposal.

Read the Notice of Proposal here.
Read FSRA's Interim Order here.

The Ontario Court of Justice appointed a receiver over the assets of First Swiss on FSRA's application. For more information visit the receiver's website here.

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