Disclaimer
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 (the “Act”), in particular sections 38 and 39;

AND IN THE MATTER OF Hansel Patrick (“Patrick”).


ORDER IMPOSING ADMINISTRATIVE PENALTIES

Patrick is licensed as a mortgage broker (licence # M08006978) under the Act.  Patrick is an officer, director, and the principal broker of 1813404 Ontario Corp. o/a CSI Mortgages (“CSI Mortgages”), a mortgage brokerage licensed under the Act (licence # 12052). 

On June 20, 2023, 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 revoke the mortgage broker licence issued to Patrick and impose administrative penalties on Patrick for the following contraventions:

  1. failing to ensure CSI Mortgages maintained proper Errors and Omissions (“E&O”) Insurance, contrary to section 2(1) of Ontario Regulation 410/07; and
  2. providing false statements to the Chief Executive Officer on two separate occasions, contrary to section 45 of the Act.

A Request for Hearing (Form 1) dated July 20, 2023, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On February 1, 2024, Patrick withdrew the Request for Hearing and the Tribunal closed its file in respect of this matter.  This order is made pursuant to a settlement entered into by Patrick and the Director. 

ORDER

Two administrative penalties in the total amount of $4,000, are hereby imposed on Hansel Patrick for the reasons set out in the Minutes of Settlement.

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

If Hansel Patrick 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, February 1, 2024

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.