IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 15, 19, 35, 38, and 39;

AND IN THE MATTER OF Kim Thanh Do, Rebecca Thien Kim Nguyen Do, Gyula “George” “Julien” Zambok, 501977 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.

MINUTES OF SETTLEMENT AND UNDERTAKING

PART I – INTRODUCTION

Kasturi Chatterjee (“Chatterjee) is a licensed mortgage broker under the Act (licence # M14000876). She was first licensed as a mortgage agent on May 26, 2014.
Chatterjee is also the principal broker, owner, and sole Director of 2382314 Ontario Inc., operating as Mortgage Bridge Canada (“Mortgage Bridge”). Chatterjee became the principal broker of Mortgage Bridge on June 4, 2019.
Mortgage Bridge is a licensed mortgage brokerage under the Act (licence # 12426). Mortgage Bridge was first licenced on October 28, 2013.
On June 5, 2025, 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 against Chatterjee, Mortgage Bridge, and others (the “NOP”).
On June 19, 2025, Chatterjee requested hearings before the Financial Services Tribunal (the “Tribunal”) for herself and for Mortgage Bridge in respect of the NOP.
Chatterjee, Mortgage Bridge 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

Between May 26, 2016, and April 27, 2022, Kim Do was an authorized mortgage agent at Mortgage Bridge.
Kim Do arranged multiple mortgages for CB, JT, and LE (the “Clients”) while she was authorized by Mortgage Bridge.
Chatterjee was the principal broker when Do arranged the mortgages for the Clients.
Chatterjee did not take reasonable steps to ensure that Kim Do was complying with the requirements under the Act.
Chatterjee and Mortgage Bridge did not take reasonable steps to ensure suitability of mortgages arranged by Kim Do for the Clients and failed to identify suitability issues of these mortgages. Chatterjee did not confirm with Kim Do that mortgage suitability was being completed and exit strategies discussed with the Clients, nor did she conduct suitability reviews with the Clients herself.
Chatterjee did not take reasonable steps to identify conflicts of interest and failed to identify that there were conflicts of interest between Kim Do and her referral sources. Consequently, these conflicts were not disclosed by Mortgage Bridge to the Clients.
Chatterjee failed to ensure that Mortgage Bridge received a written statement signed by a lawyer stating that the lawyer has given the borrower independent legal advice regarding reverse mortgages for CB and LE. Notwithstanding, Mortgage Bridge closed these mortgages without a lawyer’s statement.
Chatterjee changed Mortgage Bridge’s computer records system in or around December 21, 2021. In doing so, Mortgage Bridge lost all email records as well as completed mortgage documents, including signed application documents and related disclosures.
Chatterjee was unable to located signed and completed documents to respond to FSRA’s request for information relating to documents from mortgage transactions involving JT and LE.
The errors and omissions insurance for Mortgage Bridge expired on June 26, 2025.
Chatterjee and Mortgage Bridge did not knowingly participate in the contraventions of the Act by Kim Do or any of the other parties named in the NOP.

PART III – NON-COMPLIANCE WITH THE ACT

By engaging in the conduct described above in Part II of these Minutes of Settlement and Undertaking (“Minutes”), Chatterjee and Mortgage Bridge admit and acknowledge that they breached the Act as follows:
1. Mortgage Bridge contravened section 27(1) of Ontario Regulation (“O. Reg.”) 188/08 by failing to provide written disclosure of the potential conflicts of interest involving Kim Do to the Clients;
2. Mortgage Bridge contravened section 29(1) of O. Reg. 188/08 by failing to obtain lawyers statements of independent legal advice before proceeding to arrange reverse mortgages for CB and LE;
3. Mortgage Bridge contravened section 24(1) of O. Reg. 188/08 by failing to take reasonable steps to ensure mortgages were suitable for the Clients having regard to their needs and circumstances;
4. Mortgage Bridge contravened sections 46(1) and 48(1) of O. Reg. 188/08 by failing to maintain required records.
5. Chatterjee contravened section 2(1) of O. Reg. 410/07 by failing to take reasonable steps to ensure the compliance of Mortgage Bridge and Kim Do with the requirements established under the Act.

PART IV – TERMS OF SETTLEMENT

Chatterjee confirms that she has the authority to bind Mortgage Bridge to the terms of these Minutes.
Chatterjee and Mortgage Bridge admit the facts contained in Part II of these Minutes.
Chatterjee and Mortgage Bridge admit to the contraventions outlined in Part III of these Minutes.
As a result of their contraventions, Chatterjee and Mortgage Bridge agree as follows:
1. Chatterjee will resign as the principal broker of Mortgage Bridge no later than August 1, 2025;
2. Chatterjee will not become or be designated as a principal broker of any mortgage brokerage under the Act at any time in the future.
3. The Director shall issue an order placing (i) and (ii) as conditions on Chatterjee’s mortgage broker licence.
4. The Director shall issue an order revoking Mortgage Bridge’s mortgage brokerage licence effective August 1, 2025.
Chatterjee and Mortgage Bridge acknowledge and agree that they have been given the opportunity to seek independent legal advice and have done so (or have waived the right to do so) and are entering into these Minutes voluntarily, understanding the consequences of doing so.
Chatterjee and Mortgage Bridge 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

Chatterjee and Mortgage Bridge acknowledge that, upon execution of these Minutes by the Parties, the orders attached in Schedule “A” to these Minutes (the “Orders”) will be issued, imposing the penalties set out in paragraph 22.

(b) Process for Execution of Settlement

Chatterjee and Mortgage Bridge acknowledge that these Minutes are not binding on the Director until signed by the Director.
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.
Upon receiving an executed copy of these Minutes from FSRA, Chatterjee and Mortgage Bridge will withdraw each of their Requests for Hearing (Form 1) in respect of the NOP before the Tribunal by each completing a Withdrawal/Discontinuance (Form 5) and filing it with the Registrar at the Tribunal within five (5) business days.
Upon confirmation from the Tribunal that the Request for Hearing by Chatterjee and by Mortgage Bridge have been withdrawn and the hearing has been cancelled, the Parties agree that the Director will issue an Orders in the form attached as Schedule “A” to these Minutes.
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

The Parties will keep the terms of these Minutes and the Orders confidential until the Orders are issued, except that:
1. The Director shall be permitted to disclose the Minutes and the Orders within FSRA; and
2. The Parties shall be permitted to inform the Financial Services Tribunal.
If either of the Parties do not sign these Minutes or the Director does not issue the Order:
1. These Minutes, the Orders, and all related discussions and negotiations will be without prejudice to the Parties; and
2. The Parties 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 Orders, or any related discussions or negotiations.
Upon issuance of the Orders:
1. Chatterjee and Mortgage Bridge agree that these Minutes and the Orders form part of their administrative records for the purposes of any future licensing decision or as an aggravating factor in respect of a future administrative penalty or prosecution against them or any affiliated entities;
2. Chatterjee and Mortgage Bridge acknowledge that these Minutes and the Orders 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 Orders.

(d) Further Proceedings

Whether or not the Orders are issued, Chatterjee and Mortgage Bridge 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.
Upon issuance of the Orders:
1. Chatterjee and Mortgage Bridge waive all rights to a hearing before the Tribunal regarding the NOP;
2. Chatterjee and Mortgage Bridge waive all rights to a judicial review or appeal of the Order;
3. The Director agrees that FSRA will not take any further proceedings against Chatterjee or Mortgage Bridge arising solely from the facts contained in Part II of these Minutes, unless facts not disclosed by Chatterjee or Mortgage Bridge come to the attention of FSRA that are materially different from those contained in Part II of these Minutes or Chatterjee or Mortgage Bridge fails to comply with any term in the Orders; and
4. Chatterjee and Mortgage Bridge agree that should either fail to comply with any term in these Minutes or the Orders, FSRA is entitled to bring any proceedings available to it.

DATED 15^th July 2025 at Mississauga, Ontario

Original signed by

Kasturi Chatterjee on her own behalf and on behalf of Mortgage Bridge

DATED 15^th July 2025 at Mississauga, Ontario

Original signed by

Saiyati Gohil
Name of Witness

DATED July 16, 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

SCHEDULE 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 15, 19, 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 CONDITIONS ON THE LICENCE OF KASTURI CHATTERJEE AND TO REVOKE THE MORTGAGE BROKERAGE LICENCE OF 2382314 ONTARIO INC. OPERATING AS MORTGAGE BRIDGE CANADA

Kasturi Chatterjee (“Chatterjee) is a licensed mortgage broker under the Act (licence # M14000876). She was first licensed as a mortgage agent on May 26, 2014.

Chatterjee is also the principal broker, owner, and sole Director of 2382314 Ontario Inc., operating as Mortgage Bridge Canada (“Mortgage Bridge”). Chatterjee became the principal broker of Mortgage Bridge on June 4, 2019.

Mortgage Bridge is a licensed mortgage brokerage under the Act (licence # 12426). Mortgage Bridge was first licenced on October 28, 2013.

On June 5, 2025, 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 against Chatterjee, Mortgage Bridge, and others (the “NOP”).

On June 19, 2025, Chatterjee requested hearings before the Financial Services Tribunal (the “Tribunal”) for herself and for Mortgage Bridge in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On [DATE], Chatterjee and Mortgage Bridge each withdrew their Requests for Hearings, and, on [DATE], the Tribunal closed its file in respect of this matter. These Orders are made pursuant to a settlement entered into by Chatterjee, Mortgage Bridge and the Director.

ORDER

The following conditions are hereby imposed on the mortgage broker licence issued to Kasturi Chatterjee (licence # M14000876), for the reasons set out in the Minutes of Settlement dated [TBD].

Chatterjee will resign as the principal broker of Mortgage Bridge no later than August 1, 2025; and
Chatterjee will not become or be designated as a principal broker of any mortgage brokerage under the Act.

DATED at Toronto, Ontario.

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

ORDER

The mortgage brokerage licence issued to Mortgage Bridge Canada (licence # 12426) is hereby revoked for the reasons set out in the Minutes of Settlement dated [TBD].

DATED at Toronto, Ontario.

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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