FSRA takes enforcement action against Joel Kelman and 1368486 Canada Inc. operating as “Quick Cash Mortgage”
The Financial Services Regulatory Authority of Ontario (FSRA) has issued orders to refuse to renew the mortgage broker licence of Joel Kelman (Kelman), to revoke the mortgage brokerage licence issued to 13648486 Canada Inc. operating as Quick Cash Mortgage (QC Mortgage), and to impose three administrative penalties in the total amount of $85,000 on Kelman.
Kelman was the principal broker The Mortgage Maven Inc. (Mortgage Maven) which was licenced as a mortgage brokerage under the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (Act).
Kelman contravened the Act and its regulations as follows:
- By failing to take reasonable steps to ensure that Mortgage Maven and an agent authorized to deal or trade in mortgages on its behalf, complied with every requirement established under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07;
- By failing to maintain all records relating to arranged mortgages causing Mortgage Maven to contravene subsection 46(1) of Ontario Regulation 188/08, thereby contravening section 3 of Ontario Regulation 187/08; and
- By including inaccurate information in his mortgage agent renewal applications, contrary to subsections 45(1) and 45(2) of the Act.
FSRA issued these orders as a result of a settlement with Kelman and QC Mortgage.
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For media inquiries:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]