FSRA issues notice of proposal against Iqbal Singh Saini, 13016161 Canada Inc. o/a Infinite Mortgage Solutions, Sadik Sadik, and Emerald Lending Group Inc.
The Financial Services Regulatory Authority of Ontario, FSRA, has initiated enforcement action against Iqbal Singh Saini (Saini), 13016161 Canada Inc. o/a Infinite Mortgage Solutions (Infinite Mortgage), Sadik Sadik (Sadik), and Emerald Lending Group Inc. (Emerald Lending).
FSRA alleges that Saini contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (Act) and its regulations as follows:
- By dealing in mortgages for remuneration outside of his brokerage, contrary to subsection 2(3) of the Act; and
- By using restricted titles, contrary to subsection 11(4) of the Act.
FSRA alleges that Infinite Mortgage contravened the Act and its regulations by authorizing an individual to deal or trade in mortgages while it knew or ought to have reasonably known that the individual was authorized by another brokerage, contrary to subsection 43(2) of Ontario Regulation 188/08.
FSRA alleges that Sadik contravened the Act and its regulations by failing to take reasonable steps to ensure that Infinite Mortgage complied with every requirement established under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07.
FSRA alleges that Emerald Lending contravened the Act and its regulations as follows:
- By carrying on business as a mortgage lender without a licence, contrary to subsection 4(2) of the Act; and
- By using restricted titles, contrary to subsection 11(2) of the Act.
FSRA is proposing to impose administrative penalties in the amount of $85,000 on Saini, $25,000 on Infinite Mortgage, $10,000 on Sadik, and $35,000 on Emerald Lending.
Saini, Infinite Mortgage, Sadik, and Emerald Lending have requested hearings before the Financial Services Tribunal about this proposal.
Learn more:
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For media inquiries:
Lilian Kim
Sr. Media Relations Officer
Financial Services Regulatory Authority
(416) 617-8513
Email: [email protected]