TORONTO, March 9, 2026 /CNW/ - The Financial Services Regulatory Authority of Ontario, FSRA, has initiated enforcement action against Jennifer Iachelli (Iachelli) and Nicole Geldart (Geldart).
FSRA alleges that Iachelli contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by giving false or deceptive information and documents when dealing in mortgages, contrary to section 43(2) of the Act.
FSRA also alleges that Geldart contravened the Act and its regulations as follows:
- by allowing herself to be used by a borrower to facilitate dishonesty, fraud, crime or illegal conduct, contrary to section 3.1 of Ontario Regulation 187/08 (O. Reg. 187/08);
- by receiving remuneration for dealing in mortgages from a person or entity other than her brokerage, contrary to section 4(1) of O. Reg. 187/08;
- by administering mortgages without being licensed as a mortgage administrator, contrary to section 5(2) of the Act; and
- by conducting herself in a way resulting in her brokerage contravening the Act, contrary to section 3 of O. Reg. 187/08.
FSRA is proposing to amend the level 2 mortgage agent licence issued to Geldart by adding conditions for a period of 24 months.
FSRA is also proposing to impose administrative penalties against Iachelli in the amount of $50,000 and $55,000 against Geldart.
Iachelli and Geldart have requested hearings before the Financial Services Tribunal about this proposal.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Lilian Kim
Sr. Media Relations Officer
Financial Services Regulatory Authority
(416) 617-8513
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
Share this article