IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 16 and 21;

AND IN THE MATTER OF Ananthie Alex.

NOTICE OF PROPOSAL TO REFUSE TO RENEW LICENCE

TO: Ananthie Alex

TAKE NOTICE THAT pursuant to sections 16 and 21 of the Act and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Licensing, Market Conduct (the “Director”) is proposing to refuse to renew the Mortgage Agent, Level 1, licence issued to Ananthie Alex.

Details of these contraventions and reasons for this proposal are described below. This Notice of Proposal includes allegations that may be considered at a hearing.

SI VOUS DÉSIREZ RECEVOIR CET AVIS EN FRANÇAIS, veuillez nous envoyer votre demande par courriel immédiatement à: contactcentre@fsrao.ca.

YOU ARE ENTITLED TO A HEARING BY THE FINANCIAL SERVICES TRIBUNAL (THE “TRIBUNAL”) PURSUANT TO SECTIONS 21(2) AND 21(3) OF THE ACT. A hearing by the Tribunal about this Notice of Proposal may be requested by completing the enclosed Request for Hearing Form (Form 1) and delivering it to the Tribunal within fifteen (15) days after this Notice of Proposal is received by you. The Request for Hearing Form (Form 1) must be mailed, delivered, faxed or emailed to:

Address:
Financial Services Tribunal
25 Sheppard Avenue West, 7^th Floor
Toronto, Ontario
M2N 6S6

Attention: Registrar

Fax: 416-226-7750

Email: contact@fstontario.ca

TAKE NOTICE THAT if you do not deliver a written request for a hearing to the Tribunal within fifteen (15) days after this Notice of Proposal is received by you, orders will be issued as described in this Notice of Proposal.

For additional copies of the Request for Hearing Form (Form 1), visit the Tribunal’s website at www.fstontario.ca

The hearing before the Tribunal will proceed in accordance with the Rules of Practice and Procedure for Proceedings before the Financial Services Tribunal (“Rules”) made under the authority of the Statutory Powers Procedure Act, R.S.O. 1990, c. S.22, as amended. The Rules are available at the website of the Tribunal: www.fstontario.ca. Alternatively, a copy can be obtained by telephoning the Registrar of the Tribunal at 416-590-7294, or toll free at 1-800-668-0128 extension 7294.

At a hearing, your character, conduct and/or competence may be in issue. You may be furnished with further and or other particulars, including further or other grounds, to support this proposal.

REASONS FOR PROPOSAL

I. INTRODUCTION

1. Ananthie Alex (“Alex”) is not suitable to be licensed as a mortgage agent. In May and July, 2025, Alex was found guilty and convicted in the Ontario Superior Court for her role in a conspiracy to utter forged documents for the purpose of obtaining a mortgage.
2. These are the reasons for the proposal by the Director to refuse to renew the mortgage agent licence issued to Alex. The Director believes, on reasonable grounds, that Alex is not suitable for licensing having regard to circumstances prescribed under the Act. Alex’s past conduct affords reasonable grounds for belief that she will not deal or trade in mortgages in accordance with the law and with integrity and honesty.

II. BACKGROUND

A. FSRA licensing history

3. Alex is licensed as a mortgage agent (Level 1) under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the “Act”) (licence # M11000006).
4. Alex has been licenced as a mortgage agent since April 1, 2020.
5. On March 20, 2025, Alex applied to renew her mortgage agent licence.

B. Criminal Conviction

6. On May 23, 2025, a judge of the Superior Court of Justice found Alex was the directing mind of a conspiracy to commit an indictable offence in 2021. Specifically the Judge found Alex guilty of conspiring to commit the indictable offence of uttering forged documents contrary to section 368(1)(b) of the Criminal Code by using forged documents, including employment income, as if they were genuine for the purpose of obtaining a mortgage contrary to section 465(1)(c) of the Criminal Code.
7. On July, 29, 2025, the Court imposed an 18-month conditional sentence on Alex with terms and conditions.

C. Discipline with the Real Estate Council of Ontario (RECO)

8. Alex is registered as a salesperson with RECO.
9. RECO is designated by the provincial government as the administrative authority responsible for administering and enforcing the Trust in Real Estate Services Act, 2020 (TRESA) and its associated regulations. ¹.
10. On February 16, 2024, a Discipline Committee found that in 2019 Alex facilitated the illegal trading in real estate by an unregistered individual, and failed to properly represent her clients, contrary to the Code of Ethics. The Committee ordered Alex to pay $60,000 and complete an ethics course.

III. GROUNDS FOR REFUSAL TO RENEW A LICENCE

11. Section 16(4) of the Act states that the Chief Executive Officer shall renew the licence of an applicant who satisfies the prescribed requirements for renewal of the licence unless the Chief Executive Officer believes, on reasonable grounds, that the applicant is not suitable to be licensed having regard to such circumstances as may be prescribed and such other matters as the Chief Executive Officer considers appropriate.
12. In determining whether an individual is not suitable to be licensed as a mortgage broker or agent, the CEO is required to have regard to the prescribed circumstances in s. 10 of Ontario Regulation 409/07 (the “Regulation”).
    1. Whether the individual’s past conduct affords reasonable grounds for belief that he or she will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
    2. Whether the individual is carrying on activities that contravene or will contravene the Act or the regulations if he or she is licensed.
    3. Whether the individual has made a false statement or has provided false information to the Chief Executive Officer with respect to the application for the licence.
13. In fulfilling its gatekeeper role for the mortgage sector, FSRA must assess suitability keeping in mind that the purpose of licensing is to ensure that consumers receive competent and ethical mortgage brokering services from those licensed to participate in the industry. A mortgage licence consistitutes FSRA’s endorsement to the public and consumers about the professionals they rely on to understand their options to make informed decisions about important financial decisions.
14. Alex is not suitable to be licensed. While licensed by FSRA, Alex played a significant role in a criminal consipiracy directly related to her mortgage licence and obligations as a mortgage agent.
15. Alex has demonstrated a pattern of disregard for her statutory and ethical obligations to consumers and the financial sector that gives the Director reasonable grounds to believe she will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
16. The nature of her conduct is such that the Director believes continuing to licence Alex under the Act will pose a risk to consumers that cannot be cured by attaching terms and conditions to the licence.
17. Such further and other reasons as may come to my attention.

DATED at Toronto, Ontario, November 20, 2025.

Original signed by

Yovanka McBean
Director, Licensing

By delegated authority from the Chief Executive Officer

Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.