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.

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario

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