FSRA issues notice of proposal against Trillium Mortgage Services Inc., Frank Manzo, Paramjeet Kaur, and Vatsal Pareshkumar

TORONTO, May 12, 2026 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA), has initiated enforcement action against Trillium Mortgage Services Inc. (Trillium Mortgage), Frank Manzo (Manzo), Paramjeet Kaur (Kaur), and Vatsal Pareshkumar Khamar (Khamar).

FSRA alleges that Trillium Mortgage contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (Act) and its regulations as follows:

• By failing to take reasonable steps to ensure that the mortgages arranged for the borrowers were suitable for them, contrary to subsection 24(1) of Ontario Regulation (Ont. Reg.) 188/08;
• By failing to take reasonable steps to verify the identity of the borrowers to whom they presented mortgages or renewals for consideration, contrary to subsection 10(1) of Ont. Reg. 188/08; and
• By failing to maintain records, contrary to subsection 46(1) of Ont. Reg. 188/08.

FSRA alleges that Manzo failed to take reasonable steps to ensure that Trillium Mortgage and each broker and agent authorized to deal or trade in mortgages on its behalf, complies with the requirements under the Act, contrary to subsection 2(1) of Ont. Reg. 410/07.

FSRA alleges that Kaur contravened the Act and regulations as follows:

• By allowing herself to be used to facilitate dishonesty, fraud, crime, or illegal conduct, contrary to section 3.1 Ontario Regulation 187/08;
• By giving false and deceptive information or documents when dealing in mortgages, contrary to subsection 43(2) of the Act;
• By providing false or misleading information to FSRA, contrary to section 45(1) of the Act;
• By failing to take reasonable steps to ensure that the mortgages arranged for the borrowers were suitable for them, contrary to section 24(1) of Ont. Reg. 188/08 and section 3 of Ont. Reg. 187/08;
• By failing to take reasonable steps to verify the identity of the borrowers to whom she presented mortgages or renewals for consideration, contrary to subsection 10(1) of Ont. Reg. 188/08 and section 3 of Ont. Reg. 187/08; and
• By failing to maintain records, contrary to subsection 46(1) of Ont. Reg. 188/08 and section 3 of Ont. Reg. 187/08.

FSRA alleges that Khamar dealt in mortgages for remuneration without being licensed, contrary to section 2 of the Act.

FSRA is proposing to impose administrative penalties in the total amount of $60,000 on Trillium Mortgage, $25,000 on Manzo and $85,000 on Kaur. FSRA is also proposing to impose a compliance order and administrative penalties in the total amount of $80,000 on Khamar.

Trillium Mortgage, Manzo, Kaur, and Khamar 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
[phone]
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario