A former Ontario mortgage agent has been hit with a $60,000 fine by the Financial Services Regulatory Authority of Ontario (FSRA) for operating off-the-books mortgage deals and defrauding vulnerable clients over several years.<\/p>\n
Po Yuk (Peggy) Chan, who held her mortgage agent licence until March 2023, admitted to deceiving non-English-speaking clients, bypassing her registered brokerage (Northwood Mortgage Ltd.), and submitting false documentation during mortgage transactions. The FSRA’s September 9 order imposed 15 administrative penalties following a settlement signed in August.<\/p>\n
According to settlement documents, Chan collected fees outside her brokerage on at least 11 documented transactions dating back to 2018, earning over $15,000 in undisclosed payments. In one particularly troubling case, an elderly non-English-speaking client signed mortgage documents she believed were for an interest-free loan, resulting in an unauthorized $3,000 fee to Chan.<\/p>\n
This case reflects a broader enforcement trend: FSRA’s 2024-25 enforcement report documented 100 actions\u2014up 54% from 65 the prior year\u2014with approximately $1.2 million in penalties across sectors, predominantly targeting mortgage brokers engaged in similar misconduct.<\/p>\n
Chan has waived all appeal rights and admitted unsuitability for future licensing. The full $60,000 must be paid within 30 days or face court enforcement.<\/p>\n
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