FSRA issues Notice of Proposal against Harold the Mortgage Closer Inc. and Harold Gerstel

TORONTO, Aug. 8, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Harold the Mortgage Closer Inc. (HTMC) and Harold Gerstel (Gerstel).

FSRA alleges that Gerstel is not suitable to be licensed as he contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:

• By failing to cooperate with FSRA's investigation, contrary to sections 30(6), 34(2), and 44(2) of the Act;
• By providing false and misleading information to FSRA, contrary to section 45 of the Act.

FSRA further alleges that HTMC is not suitable to be licensed because the past conduct of Gerstel, who is HTMC's principal broker, officer and sole director, affords reasonable grounds for belief that the business of the corporation will not be carried on in accordance with the law and with integrity and honesty.

FSRA is proposing to revoke the mortgage brokerage licence of HTMC, to refuse to renew the mortgage broker licence of Gerstel and to impose administrative penalties in the total amount of $70,000 against Gerstel.

HTMC and Gerstel requested a hearing before the Financial Services Tribunal about this proposal.

FSRA is working to protect consumers through its monitoring and enforcement activities

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

Alex Kvaskov
Communications Officer
Financial Services Regulatory Authority (FSRA)
T: 437-522-9151
E: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario