Disclaimer
An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSRA’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.
Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 35, 38, and 39;

AND IN THE MATTER OF Kim Thanh Do, Rebecca Thien Kim Nguyen Do, Gyula “George” “Julien” Zambok, 5015977 Ontario Inc. “501 Ontario” (formerly GTA Home Protection Plans), Jordan Ovejas, Bruce Rene Kotis (also doing business as Myriad Mortgage), 2382314 Ontario Inc. operating as Mortgage Bridge Canada, and Kasturi Chatterjee.


ORDERS TO IMPOSE ADMINISTRATIVE PENALTIES

Bruce Rene Kotis (“Kotis”) was first licensed as a mortgage agent (licence # M18000382) on February 15, 2018. Kotis became the principal broker of his brokerage, Myriad Mortgage (licence # 13357), on March 31, 2021. Kotis’ mortgage broker licence expired on March 31, 2024.

Myriad Mortgage was first licensed as a mortgage brokerage on March 15, 2021. On March 5, 2024, Myriad Mortgage applied to surrender its licence. The surrender application is pending.

On June 5, 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 in the total amount of $30,000 on Kotis and $80,000 on Myriad Mortgage for the following contraventions:

Kotis:

  1. Failing to take reasonable steps as a principal broker to ensure the compliance of his brokerage and its agents, contrary to section 2(1) of Ontario Regulation 410/07.

Myriad Mortgage:

  1. Failing to disclose potential conflicts of interest of its agent in connection with mortgages arranged, contrary to section 27(1) of Ontario Regulation 188/08;
  2. Failing to obtain independent legal advice before proceeding to arrange reverse mortgages, contrary to section 29(1) of Ontario Regulation 188/08;
  3. Failing to take reasonable steps to ensure mortgage suitability, contrary to section 24(1) of Ontario Regulation 188/08; and
  4. Failing to maintain records, contrary to sections 46(1) and 48(1) of Ontario Regulation 188/08.

The Notice of Proposal was delivered to Kotis and Myriad Mortgage on June 5, 2025. Section 39(5) of the Act provides that any person on 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 July 3, 2025, the Registrar of the Tribunal confirmed that Kotis and Myriad Mortgage 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.

ORDER

Two administrative penalties in the total amount of $30,000 are hereby imposed on Bruce Rene Kotis 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 Bruce Rene Kotis with information as to where and how to pay the administrative penalties. Bruce Rene Kotis must pay the administrative penalties no later than thirty (30) days after the date of this Order or as otherwise agreed.

If Bruce Rene Kotis 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, August 26, 2025.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


ORDER

Five administrative penalties in the total amount of $80,000 are hereby imposed on Myriad Mortgage 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 Myriad Mortgage with information as to where and how to pay the administrative penalties. Myriad Mortgage must pay the administrative penalties no later than thirty (30) days after the date of this Order or as otherwise agreed.

If Myriad Mortgage 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, August 26, 2025.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


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