Le Lézard
Classified in: Business
Subject: LAW

FSRA issues notice of proposal against Preeti Amin, Raaj Vikash (Roger) Kalwaney, and Canada Mortgage Group Inc.


TORONTO, Oct. 10, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Preeti Amin (Amin), Raaj Vikash (Roger) Kalwaney (Kalwaney), and Canada Mortgage Group Inc. also operating as Dominion Lending Centres Canada Mortgage Group (Canada Mortgage Group).

FSRA alleges that Canada Mortgage Group contravened Ontario Regulation 188/08 made under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) by:

a.  failing to take reasonable steps to ensure that mortgages arranged for the borrowers were suitable for them, contrary to subsection 24(1) of Ontario Regulation 188/08;

b.  failing to disclose in writing to the borrowers all the material risks, contrary to subsection 25(1) of Ontario Regulation 188/08; and

c.  failing to disclose conflicts of interest, contrary to subsection 27(1) of Ontario Regulation 188/08.

FSRA further alleges that Amin, on several occasions, contravened Section 3 of Ontario Regulation 187/08 by causing Canada Mortgage Group to contravene the above listed provisions of Ontario Regulation 188/08.

FSRA alleges that Kalwaney, the principal broker of Canada Mortgage Group, failed to take reasonable steps to ensure that the Canada Mortgage Group and Amin complied with the requirements under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07.

FSRA is proposing to impose administrative penalties against Amin in the amount of $45,000, against Kalwaney in the amount of $10,000 and against Canada Mortgage Group in the amount of $45,000.

Amin, Kalwaney and Canada Mortgage Group have requested a hearing before the Financial Services Tribunal about this proposal.

Learn more:

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.

For media inquiries:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority (FSRA)
T: 437-225-8551
E: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario


These press releases may also interest you

at 03:00
With applications surging at an average growth rate of 14.3% between 2013 and 2023, Antigua & Barbuda's Citizenship by Investment program (CIP) is slated to see a significant increase in application numbers in 2024, as per reports released by experts...

at 01:40
Madison Pacific Properties Inc. (the Company), reports the voting results of the Annual General Meeting of its shareholders held February 22, 2024 in Vancouver, British Columbia. The following six nominees were re-elected as directors of the Company...

at 00:00
Pomerantz LLP announces that a class action lawsuit has been filed against Innodata Inc. ("Innodata" or the "Company") . Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext....

23 fév 2024
CLAIMSFILER, a FREE shareholder information service, reminds investors that they have until April 9, 2024 to file lead plaintiff applications in a securities class action lawsuit against Xponential Fitness, Inc. , if they purchased the Company's...

23 fév 2024
TSX VENTURE COMPANIES BULLETIN V2024-0588 CRITERIUM ENERGY LTD.  ("CEQ")BULLETIN TYPE: Resume TradingBULLETIN DATE: February 23, 2024TSX Venture Tier 2 Company Further to the Exchange bulletin dated February 22, 2024, effective at the open on...

23 fév 2024
In a recent statement featured in Above the Law, Gaston Kroub emphasized, "Without reservation that LITFINCON has earned its spot on the litigation finance calendar as a conference best not missed." LITFINCON III is returning to the Post Oak Hotel in...



News published on and distributed by: