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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 392.4, 392.5, 407.1, 441.2 and 441.3;

AND IN THE MATTER OF Dinesh Khanna also known as Dinish Khanna and Dennis Khanna.


EXTENSION OF INTERIM ORDER SUSPENDING LICENCE

TO: Dinesh Khanna also known as Dinish Khanna and Dennis Khanna

Dinesh Khanna also known as Dinish Khanna and Dennis Khanna (“Khanna”) is a licenced mortgage agent under the Act (licence number M21001272).

On June 11, 2021, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Head, Licensing and Risk Assessment, Market Conduct (the “Head of Licensing”) issued a Notice of Proposal (“Notice”) to revoke Khanna’s licence.

Additionally, on June 11, 2021, the Head of Licensing also made an interim order immediately suspending Khanna’s licence.

On June 25, 2021, Khanna requested a hearing by the Financial Services Tribunal with respect to the Notice.

ORDER

IT IS ORDERED THAT pursuant to subsection 19(4) and 18(6) of the Act, the interim suspension order dated June 11, 2021 against Dinesh Khanna also known as Dinish Khanna and Dennis Khanna, is extended until the Notice is finally determined.

AND TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) and (2) of the Act, every person who fails to comply with an order made under the Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $100,000 or imprisonment for a term of not more than a year or both a fine and imprisonment. Every corporation convicted of an offence under the Act is liable to a fine of not more than $200,000.

Pursuant to subsection 48(5) of the Act, every director or officer of a corporation that commits an offence under the Act who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted.

Subsection 48(6) provides that every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an actor omission by the partnership or entity which, if committed by a person, would be an offence under the Act, is guilty of an offence.

DATED at Toronto, Ontario, July 12, 2021

Original signed by

Wendy Horrobin
Head, Licensing and Risk Assessment, Market Conduct

By delegated authority from the Chief Executive Officer

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