FSRA imposes administrative penalties against Arman Raymond Iskin and Streamline Mortgages Ltd. and a Compliance Order against Streamline Mortgages Ltd.
The Financial Services Regulatory Authority of Ontario (FSRA) has imposed administrative penalties of $5,000 against Arman Raymond Iskin (Iskin) and $7,500 against Streamline Mortgages Ltd. (Streamline Mortgages), and imposed a compliance order against Streamline Mortgages.
Streamline Mortgages contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by failing to take reasonable steps to verify the identity of a borrower, contrary to subsection 11(2) of Ontario Regulation 188/08.
Iskin is the principal broker of Streamline Mortgages. He contravened the Act by omitting to take steps that might reasonably be expected to ensure that Streamline Mortgages complied with requirements established under the Act, contrary to section 3 of Ontario Regulation 187/08.
FSRA issued this order as a result of a settlement with Iskin and Streamline Mortgages.
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