FSRA: 24 brokerage licences revoked for not filing annual information return
The return collects data on business practices, internal controls, and market conditions from the prior calendar year, forming the basis of FSRA’s risk assessment across the sector.
Who lost their licence
The 24 firms span Ontario’s brokerage landscape — from numbered corporations to sole-practitioner registrants and network-affiliated brokerages. Those named are:
- 2380376 Ontario Limited
- 2523767 Ontario Inc.
- 8135045 Canada Inc.
- 9323414 Canada Inc.
- Abacus Mortgages Inc.
- Arthurs Royal Mortgages Inc.
- Bruce Rene Kotis
- Centum First Richmond Capital Inc.
- Centum Lending & Mortgages Corp.
- Excel-Mortgage Option Inc.
- Federal Mortgages Inc.
- Harry Raymond Debi
- Hill Real Estate Ltd.
- Inspiria Financial Group Ltd.
- JCI Consultants Limited
- Libertyplus Mortgage Services Inc.
- Michael John Preston
- Mr. Cash 1 Mortgage Inc.
- Nationwide Mortgage Inc.
- North East Mortgages Inc.
- Obsidian Mortgage Corporation
- Profunding Financial Services Inc.
- Public Choice Mortgage Brokerage Inc.
- Rockstar Mortgage Services Inc.
Kotis’s name had already appeared in FSRA’s enforcement register. As part of a sweeping $430,000 enforcement action, the regulator fined him $30,000 in his role as principal broker of Myriad Mortgage for failing to ensure brokerage compliance. That case, which also resulted in a separate brokerage licence revocation, centred on unsuitable, high-fee private mortgages.
Enforcement pressure keeps building
The September action extends a compliance sweep FSRA began in March 2024, when it revoked 30 brokerage licences under the same provision.
The regulator initiated 100 enforcement actions in 2024-25, up from 65 the prior year, and imposed approximately $1.2 million in administrative monetary penalties, with mortgage brokering carrying the largest share.
