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An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSRA’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.

 

Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006,
S.O. 2006, c. 29, as amended (the “Act”), in particular sections 35, 38 and 39;

AND IN THE MATTER OF Mohammad Islam, also known as Islam Mohammad (“Islam”).


COMPLIANCE ORDER and ORDER IMPOSING AN ADMINISTRATIVE PENALTY

Islam was licensed as a mortgage agent (licence # M08003806) under the Act from July 1, 2008, to March 31, 2016. Islam is currently not licensed under the Act in any capacity and has not been licensed since March 31, 2016.

On August 10, 2022, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to impose a compliance order on Islam and to impose an administrative penalty in the amount of $10,000 on Islam for contravening section 2(3) of the Act for dealing in mortgages without a mortgage broker or mortgage agent licence.

The Notice of Proposal was delivered to Islam on August 12, 2022. Sections 35(4) and 39(5) of the Act provides that any person on whom a Notice of Proposal is delivered has fifteen (15) days after the Notice of Proposal is received to request a hearing by the Financial Services Tribunal (the “Tribunal”).

On September 8, 2022, the Registrar of the Tribunal confirmed that Islam did not request a hearing by the Tribunal in accordance with sections 35(4) and 39(5) of the Act. Therefore, pursuant to sections 35(6) and 39(7) of the Act, the Director makes the following order.

ORDER

An administrative penalty in the total amount of $10,000 is hereby imposed on Mohammad Islam, also known as Islam Mohammad, for the reasons set out in the Notice of Proposal.

For the reasons set out in the Notice of Proposal, it is hereby ordered that Mohammad Islam, also known as Islam Mohammad:

  1. a. cease and desist from dealing in mortgages in Ontario, as defined in section 2(1) of the Act; and

  2. cease and desist from trading in mortgages in Ontario as defined in section 3(1) of the Act, or holding himself out as licensed to do so.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Mohammad Islam, also known as Islam Mohammad, with information as to where and how to pay the administrative penalties. Mohammad Islam, also known as Islam Mohammad must pay the administrative penalties no later than thirty (30) days after the date of the invoice.

If Mohammad Islam, also known as Islam Mohammad fails to pay the administrative penalties in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario, September 8, 2022

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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