TORONTO, Sept. 18, 2025 /CNW/ - Ontario's financial services regulator, FSRA has obtained fines and orders against two unlicensed individuals who failed to comply with FSRA-issued summonses under the Insurance Act (Act).
The Divisional Court of Ontario has ordered Kostyantyn Poshtarenko ("Poshtarenko") and Anatolii Stoliar ("Stoliar") to attend for an interview and provide information to FSRA and imposed a fine of $5,000, plus $1,000 for each day they do not comply with the Court's order, up to $25,000 total. The endorsement can be found on CanLii's website.
"In order to protect consumers and maintain confidence in financial services, people must comply with FSRA investigations, and as we saw in this case, the courts support our enforcement efforts," said Elissa Sinha, Director of Litigation and Enforcement at FSRA.
"Non-compliance with a FSRA summons will not be tolerated and can have serious consequences."
FSRA issued summonses under the Act to Poshtarenko and Stoliar to attend to be interviewed and provide information regarding Poshtarenko engaging in unlicensed activity under the Act. When they each failed to comply with the summonses, FSRA applied to bring an application in the Divisional Court for a punishment.
On April 22, 2025, FSRA also imposed a $100,000 administrative penalty against Poshtarenko for acting as an insurance agent while not being licensed. Poshtarenko did not request a hearing before the Financial Services Tribunal.
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: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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