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 Andrew White.

MINUTES OF SETTLEMENT AND UNDERTAKING

PART I – INTRODUCTION

1. Andrew White (“White”) was previously licensed as a mortgage agent under the Act. White’s mortgage agent licence expired on March 31, 2020, and was not renewed.
2. White is currently licensed by FSRA as a life insurance and accident & sickness insurance agent.
3. On July 2, 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 in respect of White (the “NOP”).
4. White disputed the allegations and, on or about July 15, 2025, requested a hearing before the Financial Services Tribunal (the “Tribunal”) in respect of the NOP.
5. White 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

6. Great White Wealth Management 2017 Inc. (“Great White”) is a company incorporated in Ontario. White owns Great White. He is also the sole director and officer of the company. Great White is not and has never been a licensed mortgage brokerage.
7. 2789987 Ontario Inc. is a company incorporated in Ontario. White is the only director, officer, and owner of the company.

The AC Mortgages

8. A consumer, AC, sought mortgage financing in or about 2022. White was introduced to AC through third parties, including a licensed mortgage broker.
9. Initially, the licensed mortgage broker assessed AC and tried to secure traditional mortgages for AC. However, he was not able to secure the mortgages.
10. A private lender (the “Private Lender”) ultimately loaned the money for the first mortgage. White discussed with the Private Lender that AC was seeking financing. He provided information to the lender about AC’s situation and financing needs.
11. The second mortgage was held by a trust company as trustee. White participated in the investment through the trust company in respect of $10,000 of the $190,000 second mortgage. The mortgage was closed by a lawyer as part of the legal closing process. The balance was advanced by another private lender through the trust company.
12. White sent AC a document titled “Mortgage Commitment” on Great White letterhead. However, this “Mortgage Commitment” was not executed.
13. Funds in the amount of $9,200 were received by Great White in connection with the second mortgage. Near the end of the second mortgage term, a third party contacted White on behalf of AC regarding a potential extension of the mortgage. White sent a “Renewal Letter” from Great White to AC respecting the second mortgage. However, the renewal was not acted on and did not close.
14. AC ultimately defaulted on the mortgages and the $10,000 investment White made was not returned.

Great White Website

15. Great White maintained a publicly accessible website. The website is no longer accessible. The website included an “Online Mortgage Application.”

PART III – NON-COMPLIANCE WITH THE ACT

16. By engaging in the conduct described above in Part II, White admits and acknowledges that he breached the Act as follows:
    1. Providing information about a prospective borrower to a prospective lender, contrary to section 2(3) of the Act; and
    2. Carrying on the business of lending in mortgages without a brokerage licence or exemption, or holding out as doing so, contrary to section 4(2) of the Act.

PART IV – TERMS OF SETTLEMENT

17. White admits the facts contained in Part II of these Minutes of Settlement and Undertaking (“Minutes”).
18. White acknowledges and agrees that he has been given the opportunity to seek independent legal advice and has done so (or has waived the right to do so) and is entering into these Minutes voluntarily, understanding the consequences of doing so.
19. White 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 Notice of Proposal to revoke the licence, a Notice of Proposal to impose an administrative penalty, or a prosecution under the Provincial Offences Act.

(a) Issuance of Order

20. White acknowledges that, upon execution of these Minutes by both Parties, the order attached as Schedule “A” to these Minutes (the “Order”) will be issued, pursuant to which two (2) administrative penalties totalling $12.500.00 will be imposed on White.

(b) Process for Execution of Settlement

21. White acknowledges that these Minutes are not binding on the Director until signed by the Director.
22. 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.
23. Upon receiving an executed copy of these Minutes from FSRA, White 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 two (2) business days.
24. 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.
25. 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

26. 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;
    2. White shall be permitted to disclose the Minutes and the Order to his legal representative, financial professionals and/or spouse; and
    3. The Parties shall be permitted to inform the Financial Services Tribunal.
27. 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 White; and
    2. FSRA and White 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.
28. Upon issuance of the Order:
    1. White 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
    2. 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

29. Whether or not the Order is issued, White 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.
30. Upon issuance of the Order:
    1. White waives all rights to a hearing before the Tribunal regarding the NOP;
    2. White waives all rights to a judicial review or appeal of the Order;
    3. White acknowledges that, subject to subparagraph (iv), FSRA may consider the conduct and admissions described in these Minutes in any future licensing decision, administrative penalty, or prosecution as an aggravating factor; in accordance with applicable law and within 5 years of the impugned action and not from 5 years of this settlement date.
    4. The Director agrees that FSRA will not initiate further proceedings against White based solely on the conduct and admissions described in these Minutes, unless:
       1. New facts come to FSRA’s attention that are materially different from described in these Minutes;
       2. White fails to comply with these Minutes or the Order;
       3. White or a related entity applies for a licence under the Act or any other Act administered by FSRA.
31. White 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 at London, Ontario, April 22, 2026

Original signed by

Andrew White

DATED at London, Ontario, April 22, 2026

Original signed by

Witness name omitted for privacy.
Name of Witness

DATED at Toronto, Ontario April 29, 2026.

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 Andrew White (“White”).

ORDER TO IMPOSE ADMINISTRATIVE PENALTIES

White was previously a licensed mortgage agent with FSRA. His licence expired on March 30, 2025. He remains a licensed life insurance and accident & sickness agent.

On July 2, 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 on White for contraventions of sections 2(3) and 4(2) of the Act.

A Request for Hearing (Form 1) dated July 15, 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], White 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 White and the Director on [date].

ORDER

Two (2) administrative penalties in the total amount of $12,500 are hereby imposed on Andrew White (“White”), for the reasons set out in the Minutes of Settlement dated [date].

TAKE NOTICE THAT Financial Services Regulatory Authority of Ontario will deliver an invoice to White with information as to where and how to pay the administrative penalties. White must pay the administrative penalties no later than thirty (30) days after the date of this Order or as otherwise agreed on.

If White 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.

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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