FSRA imposes administrative penalties against Satyamkumar Trivedi and Sasitharan Somasekarampillai

Ontario's Financial Services Regulator, FSRA, has imposed administrative penalties in the total amount of $180,000 against Satyamkumar Trivedi (Trivedi) and has also imposed administrative penalties in the total amount of $50,000 against Sasitharan Somasekarampillai (Somasekarampillai).

Trivedi and Somasekarampillai contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:

• by allowing themselves to be used to facilitate dishonesty, fraud, crime, or illegal conduct, contrary to section 3.1 Ontario Regulation 187/08;
• by dealing outside their brokerage, contrary to section 2(3) of the Act; and
• by receiving remuneration outside their brokerage, contrary to section 4(1) of Ontario Regulation 187/08.

Trivedi also contravened the Act as follows:

• by hindering, concealing information and providing false or misleading information to FSRA, contrary to sections 44(1), 44(2) and 45 of the Act; and
• by administering mortgages without a licence, contrary to section 5(2) of the Act.

FSRA issued its Orders as a result of a settlement with Trivedi and as Somasekarampillai did not request a hearing before the 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, Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]