TORONTO, April 18,
2024 /CNW/ - Ontario's Financial Services
Regulator, FSRA, has imposed an administrative penalty of
$10,000 and licence conditions
on James
Michalopoulos (Michalopoulos).
Michalopoulos provided false or misleading information to FSRA
on his 2022 licence renewal application contrary to section 45 of
the Mortgage Brokerages, Lenders and Administrators Act,
2006.
Michalopoulos is not suitable to be licensed without conditions
per section 10 of Ontario Regulation 409/07 as he made false
statements in licensing applications and because of his past
conduct as a registered vehicle salesperson.
FSRA issued this order as a result of a decision of the
Financial Services Tribunal (Tribunal) dated February 21, 2024. The Tribunal directed FSRA to
carry out its Notice of Proposal with respect to the administrative
penalty and to issue the licence with conditions. FSRA had proposed
to refuse to renew the licence.
Learn more:
Access our enforcement database to see how FSRA is
working to protect consumers through its monitoring and enforcement
activities.
For media inquiries:
Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: ashley.legassic@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario