6 days ago
FSRA issues notice of proposal against Joel Kelman and 1368486 Canada Inc. operating as "Quick Cash Mortgage" Français
TORONTO, May 28, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against (Kelman) and 1368486 Canada Inc. operating as "Quick Cash Mortgage" (QC Mortgage).
FSRA alleges that Kelman is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and that Kelman contravened the Act, and its regulations as follows:
a. By failing to take reasonable steps to ensure that the brokerage and each broker and agent authorized to deal or trade in mortgages on its behalf complies with the requirements under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07.
b. Causing a brokerage to contravene subsection 46(1) of Ontario Regulation 188/08 by failing to maintain accurate records related to mortgage transactions, contrary to section 3 of Ontario Regulation 187/08.
c. By providing false information to FSRA, contrary to subsections 45(1) and 45(2) of the Act.
FSRA further alleges that QC Mortgage is not suitable to be licensed under the Act because the past conduct of Kelman, who is QC Mortgage'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 refuse to renew Kelman's mortgage broker licence and impose administrative penalties in the total amount of $120,000 against Kelman. FSRA is also proposing to revoke QC Mortgage's mortgage brokerage licence.
Kelman and QC Mortgage have requested a hearing before the Financial Services Tribunal about this proposal.
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: [email protected]
