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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 16, 21, 38 and 39

AND IN THE MATTER OF Rohan (Ron) De Silva and Real Mortgage Associates Inc.


ORDER TO IMPOSE ADMINISTRATIVE PENALTIES

Rohan De Silva (“De Silva”) is licensed as a mortgage broker (licence # M12001788) under the Act. De Silva is the principal broker of Real Mortgage Associates Inc. (“RMA”), a mortgage brokerage licensed in Ontario (licence # 10464).

On May 30, 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 on RMA, De Silva and others, including:

Requests for Hearings (Form 1s), dated June 13, 2024, and June 18, 2024, were delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On September 18, 2024, RMA and De Silva withdrew their Requests for Hearing, and, on September 18, 2024, the Tribunal closed its file in respect of this matter. Therefore, pursuant to section 39(7) of the Act, the Director makes the following order.

ORDER

Two administrative penalties in the total amount of $15,000 are hereby imposed on Rohan De Silva (“De Silva”), for the reasons set out in the Minutes of Settlement.

DATED at Toronto, Ontario, September 24, 2024.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


ORDER

An administrative penalty in the amount of $17,500 is hereby imposed on Real Mortgage Associates Inc. (“RMA”), for the reasons set out in the Minutes of Settlement.

DATED at Toronto, Ontario, September 24, 2024.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


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