FSRA issues notice of proposal against Lin Liang, Yujun (Janet) Shi and Yu (Jade) Wang
Ontario’s financial services regulator (FSRA) has initiated enforcement action against Lin Liang (Liang), Yujun Shi (Shi), also known as Janet Shi, and Yu Wang (Wang), also known as Jade Wang.
FSRA alleges that Liang and Shi contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations:
- by dealing in mortgages for remuneration outside of their registered mortgage brokerage contrary to subsection 2(3) of the Act;
- by receiving remuneration from a person or entity other that of their registered mortgage brokerage contrary to subsection 4(1) of Ontario Regulation 187/08; and
- by doing or omitting to do anything in circumstances where they ought to have known that they were being used to facilitate dishonesty, fraud, crime, or illegal conduct contrary to section 3.1 Ontario Regulation 187/08.
FSRA alleges that Wang contravened the Act by dealing in mortgages for remuneration while unlicensed contrary to subsection 2(3) of the Act.
FSRA is proposing to impose administrative penalties in the total amount of $440,000 against Liang, $290,000 against Shi. Liang and Shi have requested a hearing before the Financial Services Tribunal about this proposal.
Wang did not request a hearing or contest FSRA’s proposal and FSRA has imposed an AMP of $10,000
Learn more:
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For media inquiries:
Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]