Compliance Order to Cease and Desist Unlicensed Activity Against Devinder Ghuman and Mortgage Guru Inc.

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular section 35;

 

AND REGARDING Devinder Ghuman and Mortgage Guru Inc.

ORDER TO CEASE AND DESIST UNLICENSED ACTIVITY

Devinder Ghuman is currently a licensed mortgage agent under the Act, licence number M08003666.  Devinder Ghuman is the administrator of Mortgage Guru Inc. (“Mortgage Guru”).  Mortgage Guru is not licensed under the Act. As a result of an investigation into unlicensed activity, the Superintendent of Financial Services (the “Superintendent”) was satisfied that Devinder Ghuman and Mortgage Guru contravened the Act. 

 

On February 7, 2018, the Superintendent issued a Notice of Proposal to Impose a Permanent Compliance Order to Cease and Desist Unlicensed Activity (the “Notice”) against Devinder Ghuman and Mortgage Guru pursuant to subsection 35(3) of the Act. The Notice was served on Ms. Ghuman and Mortgage Guru by personal service and regular mail on February 9, 2018.

 

Devinder Ghuman and Mortgage Guru had 15 days after service of the Notice to request a hearing before the Financial Services Tribunal (the “Tribunal”) in accordance with subsections 35(3) and 35(4) of the Act.

 

The Registrar of the Tribunal has confirmed that, as of March 5, 2018, no request for hearing has been filed by Devinder Ghuman and/or Mortgage Guru, or anyone acting on their behalf.  

 

Subsection 35(6) of the Act provides that the Superintendent may carry out the proposal to impose a compliance order when no hearing has been requested.

ORDER

IT IS ORDERED that Devinder Ghuman and Mortgage Guru Inc. are required to immediately cease dealing in mortgages through Mortgage Guru Inc. as defined in section 2(1) of the Act.

 

TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) and (2) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $100,000.00 or imprisonment for a term of not more than a year or both a fine and imprisonment.  Every corporation convicted of an offence under the Act is liable to a fine of not more than $200,000.00.

 

Pursuant to subsection 48(5) of the Act, every director or officer of a corporation that commits an offence under this Act who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted.

 

Subsection 48(6) provides that every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an act or omission by the partnership or entity which, if committed by a person, would be an offence under the Act, is guilty of an offence.

 

Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, boîte 85, Toronto ON M2N 6L9.

 

DATED at Toronto, Ontario, April 17, 2018.

 

Original Signed by “Michael Doi” on behalf of “Brian Mills”

 

Brian Mills

Superintendent of Financial Services