IN THE MATTER OF the Mortgage Brokerage, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 19, 21, 35, 38 and 39;
AND IN THE MATTER OF Nasir Syed Zaidi Hussain, Upanshuman Pandey, Expert Financial Corporation and Varinder Singh Virk.
Nasir Syed Zaidi Hussain (“Hussain”) has never been licensed as a mortgage agent or broker under the Act.
On July 5, 2024, 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 administrative penalties in the total amount of $100,000 on Hussain for dealing in mortgages without a licence contrary to section 2 of the Act in nine instances, and for holding himself out to the public as a mortgage broker or agent while not licensed contrary to section 11 of the Act.
The Director also proposed to impose a permanent compliance order on Hussain.
The Notice of Proposal was delivered to Hussain on July 10, 2024. Section 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 August 12, 2024, the Registrar of the Tribunal confirmed that Hussain did not request a hearing by the Tribunal in accordance with section 39(5) of the Act. Therefore, pursuant to section 39(7) of the Act, the Director makes the following orders.
Administrative penalties in the total amount of $100,000 are hereby imposed on Nasir Syed Zaidi Hussain for the reasons set out in the Notice of Proposal.
TAKE NOTICE THAT Financial Services Regulatory Authority of Ontario will deliver an invoice to Hussain with information as to where and how to pay the administrative penalties. Hussain must pay the administrative penalties no later than thirty (30) days after the date of this Order or as otherwise agreed on.
If Hussain 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, August 27, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
It is hereby ordered that Nasir Syed Zaidi Hussain cease from:
This Order is made for the reasons set out in the Notice of Proposal.
DATED at Toronto, Ontario, August 27, 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.