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 Ismail Ayyoub (“Ayyoub”).
Ayyoub was previously licensed as a mortgage agent (licence #M21002832) under the Act. He was acting as a mortgage agent for and on behalf a Mortgage Smart Inc. (“Mortgage Smart”), a mortgage brokerage licensed under the Act (licence # 12076), during the relevant time. Ayyoub is currently not licensed under the Act.
On February 28, 2025, 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 Ayyoub for contravening section 3 of Ontario Regulation 187/08 by causing Mortgage Smart to contravene sections 24(1), 25(1) and 27(1) of the Ontario Regulation 188/08.
The Notice of Proposal was delivered to Ayyoub on March 6, 2025. Section 39(5) of the Act provides that any person to 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 March 25, 2025, the Registrar of the Tribunal confirmed that Ayyoub 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 order.
Five administrative penalties in the total amount of $30,000 are hereby imposed on Ismail Ayyoub for the reasons set out in the Notice of Proposal.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Ismail Ayyoub with information as to where and how to pay the administrative penalties. Ismail Ayyoub 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 Ismail Ayyoub 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 31, 2025.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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