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.
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 May 12, 2025, Singh withdrew the Request for Hearing, and, on May 14, 2025, 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.
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, June 11, 2025.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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