FSRA issues notice of proposal against James Michalopoulos
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against James Michalopoulos (Michalopoulos).
FSRA alleges that Michalopoulos provided false or misleading information to FSRA on his licence applications, contrary to section 45 of the Mortgage Brokerages, Lenders and Administrators Act, 2006. FSRA alleges that the licensing and conduct history that Michalopoulos failed to disclose shows that Michalopoulos is not suitable to be licensed.
FSRA is proposing to refuse to renew the mortgage agent licence issued to Michalopoulos and to impose an administrative penalty in the amount of $10,000 on Michalopoulos.
Michalopoulos requested a hearing before the Financial Services Tribunal about this proposal.
FSRA is working to protect consumers through its monitoring and enforcement activities.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For media inquiries:
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]