IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 14,19, and 21;
AND IN THE MATTER OF SHAH ATA HUSSAIN FARIDI
Shah Ata Hussain Faridi (“Faridi”) is licensed as a Mortgage Agent, Level 1 (licence # M22003712). Faridi submitted an application for a Mortgage Agent, Level 2 licence on February 23, 2024, under the Act.
On March 18, 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 revoke the Mortgage Agent, Level 1 licence and refuse to issue the Mortgage Agent, Level 2 licence against Faridi.
A Request for Hearing (Form 1) dated April 2, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with 21(3) of the Act respecting the Notice of Proposal.
The Tribunal held an oral hearing on September 12, 2024.
The Tribunal, in its Reasons for Decision dated December 9, 2024 (the “Decision”), directed the Chief Executive Officer to carry out the Notice of Proposal to Revoke a Licence and Refuse a Licence, in its original form.
The Mortgage Agent, Level 1 licence (licence #M22003712) issued to Shah Ata Hussain Faridi is hereby revoked for the reasons set out in the Decision.
DATED at Toronto, Ontario, this 18th day of December 2024.
Original signed by
Yovanka McBean
Director, Licensing
(A)
By delegated authority from the Chief Executive Officer
The issuance of the Mortgage Agent, Licence 2 to Shah Ata Hussain Faridi is hereby refused, for the reasons set out in the Decision.
DATED at Toronto, Ontario, this 18th day of December 2024.
Original signed by
Yovanka McBean
Director, Licensing
(A)
By delegated authority from the Chief Executive Officer
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