IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 38 and 39;
AND IN THE MATTER OF Yujun (Janet) Shi (“Shi”).
Shi was licensed as a mortgage agent (licence # M15001948) under the Act.
On January 10, 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 Shi for dealing in mortgages for remuneration outside her registered mortgage brokerage, contrary to subsection 2(3) of the Act; for receiving remuneration from a person or entity other than her registered mortgage brokerage, contrary to subsection 4(1) of Ontario Regulation 187/08; and for doing or omitting to do anything, in circumstances where she ought to have known that she was being used to facilitate dishonesty, fraud, crime or illegal conduct, contrary to section 3.1 of Ontario Regulation 187/08.
A Request for Hearing (Form 1), dated January 21, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.
This order is made pursuant to a settlement entered into by Shi and the Director.
Twenty-one (21) administrative penalties in the total amount of $145,000 are hereby imposed on Yujun (Janet) Shi, for the reasons set out in the Minutes of Settlement.
TAKE NOTICE THAT Financial Services Regulatory Authority of Ontario will deliver an invoice to Shi with information as to where and how to pay the administrative penalties. Shi must pay the administrative penalties no later than thirty (30) days after the Order is issued unless otherwise agreed with the Financial Services Regulatory Authority of Ontario.
If Shi 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, March 4, 2025.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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