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 Varinder Singh Virk.

MINUTES OF SETTLEMENT AND UNDERTAKING

PART I – INTRODUCTION

1. Varinder Singh Virk (“Singh”) was a licensed mortgage agent under the Act (licence # M20002949). He was first licensed on October 29, 2020. His licence expired on March 31, 2023, and he has not re-applied.
2. While licensed, Singh was authorized as an agent for the brokerage Premium Financial Services (licence # 12953).
3. On July 5, 2024, the Director, Litigation and Enforcement (the “Director”), by delegated authority from the Chief Executive Officer (“CEO”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued a Notice of Proposal in respect of Singh and others (the “NOP”) including Nasir Syed Zaidi Hussain (“Hussain”).
4. On July 8, 2024, Singh requested a hearing before the Financial Services Tribunal (the “Tribunal”) in respect of the NOP.
5. Singh and the Director, by delegated authority from the CEO, (collectively the “Parties”) wish to resolve this matter on consent and without a hearing before the Tribunal.

PART II – AGREED FACTS

Hussain

6. Hussain has never been licensed as a mortgage agent or broker under the Act. He sometimes goes by variants of his name like Syed Nasir Hussain Zaidi or Nasir Zaidi.
7. Hussain presented himself to the public as a mortgage agent or broker including in and around 2021. His social media included posts that suggested he was an agent or broker.

Singh’s Relationship with Hussain

8. Singh was licensed at the time he met Hussain. Hussain presented himself as a mortgage broker. He had an office in Richmond Hill, which Singh met him at. On the walls in Hussain’s office were what appeared to be certificates and awards that gave the impression that Hussain was a licensed mortgage agent or broker.
9. Singh attended an interview with Hussain at Hussain’s office. Singh understood the interview to be for a role as a mortgage agent. However, Hussain instead offered him a more administrative position.
10. Singh was new to the mortgage brokering industry and planned to learn how to do mortgages from Hussain.
11. Singh believed that Hussain was a licensed mortgage agent or broker. However, he did not look up Hussain’s licensing status in FSRA’s web database to confirm his belief.
12. Singh worked for Hussain from approximately July 2021 until October 2021.
13. While he worked for Hussain, Singh was to get paid 1% of the mortgage amount if a deal he provided to Hussain closed. Hussain never paid Singh any money.
14. Singh physically worked out of Hussain’s office. He was not paid an hourly rate. He collected documents and financial materials from clients, which he passed on to Hussain.
15. Singh terminated his relationship with Hussain in approximately October 2021.
16. After they stopped working together, Singh submitted a complaint to police regarding Hussain.

PART III – NON-COMPLIANCE WITH THE ACT

17. By engaging in the conduct described above in Part II of these Minutes of Settlement and Undertaking (“Minutes”), Singh admits and acknowledges that he breached the Act by dealing in mortgages for renumeration when not acting on behalf of his mortgage brokerage contrary to section 2(3) of the Act.

PART IV – TERMS OF SETTLEMENT

18. Singh admits the facts contained in Part II of these Minutes.
19. As a result of his non-compliance with the Act as outlined in Part III of these Minutes, Singh accepts the administrative penalty on him.
20. Singh acknowledges and agrees that he has been given the opportunity to seek independent legal advice and he has done so (or has waived the right to do so) and is entering into these Minutes voluntarily, understanding the consequences of doing so.
21. Singh acknowledges that these Minutes are an undertaking within the meaning of the Act, and that failure to comply may result in immediate regulatory action including, but not limited to, the issuance of a further Notice of Proposal as may be required or prosecution under the Provincial Offences Act.

(a) Issuance of Order

22. Singh acknowledges that, upon execution of these Minutes by the Parties, the order attached as Schedule “A” to these Minutes (the “Order”) will be issued, pursuant to which Singh will pay an administrative penalty in the amount of $2,000.

(b) Process for Execution of Settlement

23. Singh acknowledges that these Minutes are not binding on the Director until signed by the Director.
24. These Minutes may be executed in counterparts, and may be executed and delivered by facsimile or e-mail, and all such counterparts and facsimiles or e-mails, as applicable, shall together constitute one and the same agreement.
25. Upon receiving an executed copy of these Minutes from FSRA, Singh will withdraw his Request for Hearing (Form 1) in respect of the NOP before the Tribunal by completing a Withdrawal/Discontinuance (Form 5) and filing it with the Registrar at the Tribunal within five (5) business days.
26. Upon confirmation from the Tribunal that the Request for Hearing has been withdrawn and the hearing has been cancelled, the Parties agree that the Director will issue an Order in the form attached as Schedule “A” to these Minutes.
27. The Parties accept and understand that these Minutes and any rights within the Minutes shall enure to the Parties and to any successors or assigns of the Parties.

(c) Disclosure of Minutes and Order

28. The Parties will keep the terms of these Minutes and the Order confidential until the Order is issued, except that:
    1. The Director shall be permitted to disclose the Minutes and the Order within FSRA; and
    2. The Parties shall be permitted to inform the Financial Services Tribunal.
29. If either of the Parties do not sign these Minutes or the Director does not issue the Order:
    1. These Minutes, the Order, and all related discussions and negotiations will be without prejudice to FSRA and Singh; and
    2. FSRA and Singh will each be entitled to all available proceedings, remedies and challenges, including proceeding to a hearing of the allegations contained in the NOP. Any proceedings, remedies and challenges will not be affected by these Minutes, the Order, or any related discussions or negotiations.
30. Upon issuance of the Order:
    1. Singh agrees that these Minutes and the Order form part of his administrative record for the purposes of any future licensing decision or as an aggravating factor in respect of a future administrative penalty or prosecution against him or any affiliated entities;
    2. Singh acknowledges that these Minutes and the Order are public and will be published by FSRA on its public website (or that of its successor) along with a press release that summarizes these Minutes and the Order; and
    3. The Parties agree not to make representations to any member of the public or media or in a public forum that are inconsistent with these Minutes or the Order.

(d) Further Proceedings

31. Whether or not the Order is issued, Singh will not use, in any proceeding, these Minutes or the negotiation or process of approval of these Minutes as the basis for any attack on FSRA’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may be available.
32. Upon issuance of the Order:
    1. Singh waives all rights to a hearing before the Tribunal regarding the NOP;
    2. Singh waives all rights to a judicial review or appeal of the Order;
    3. The Director agrees that FSRA will not take any further proceedings against Singh arising solely from the facts contained in Part II of these Minutes, unless facts not disclosed by Singh come to the attention of FSRA that are materially different from those contained in Part II of these Minutes or Singh fails to comply with any term in the Order; and
    4. Singh agrees that should he fail to comply with any term in these Minutes or the Order, FSRA is entitled to bring any proceedings available to it.

DATED May 09/25 at Caledon, Ontario.

Original signed by

Varinder Singh Virk

DATED May 09/25 at Caledon, Ontario.

Original signed by

Amandeep Ghotra
Name of Witness

DATED 5/12/2025 at Toronto, Ontario.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario

By delegated authority from the Chief Executive Officer

APPENDIX A

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 Varinder Singh Virk.

ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY

Varinder Singh Virk (“Singh”) was licensed as a mortgage agent (licence # M20002949) under the Act. Singh was licensed as a mortgage agent from October 20, 2020, until March 31, 2023, when his licence expired.

On July 5, 2023, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario, the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to impose an administrative penalty on Singh.

A Request for Hearing (Form 1) dated July 8, 2025, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On [DATE], Singh withdrew the Request for Hearing, and, on [DATE], the Tribunal closed its file in respect of this matter. This Order is made pursuant to a settlement entered into by Singh and the Director.

ORDER

An administrative penalty in the amount of $2,000 is hereby imposed on Varinder Singh Virk for the reasons set out in the Minutes of Settlement and Undertaking.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Varinder Singh Virk (“Singh”) with information as to where and how to pay the administrative penalties. Singh 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 Singh fails to pay the administrative penalty 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.

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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