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Financial Services Regulatory Authority of Ontario

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

AND IN THE MATTER OF Reza Zolfaghari (the “Licensee”).


ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY

On October 3, 2024, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Senior Manager, Market Conduct Action Team (the “Senior Manager”) issued a Notice of Proposal to impose an administrative penalty in the amount of $3,500 on the Licensee for failure to comply with the Act.

The Notice of Proposal was delivered to the Licensee on October 3, 2024. Section 39 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”).

The Senior Manager and the Licensee have resolved the matter without a hearing and on consent.

ORDER

An administrative penalty in the amount of $3,500 is hereby imposed on Reza Zolfaghari.

TAKE NOTICE THAT Reza Zolfaghari will be receiving an invoice from the Financial Services Regulatory Authority of Ontario with information as to where and how to make the payment. Reza Zolfaghari must pay the Administrative Penalty no later than 30 days after the date of the invoice.

If Reza Zolfaghari 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 an order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario, this 11th day of October 2024.

Original signed by

Nicolle Pace
Senior Manager, Market Conduct Action Team (A)

By delegated authority from the Chief Executive Officer

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