Financial Services Tribunal
2003 ONFST 14
Decision No. M0199-2002-2
IN THE MATTER OF the Mortgage Brokers Act, R.S.O. 1990, Chapter M. 39 as amended by the Financial Services Commission of Ontario Act, 1997, S.O. 1997, c.28 (the "Act");
IN THE MATTER OF the Superintendent's Notice of Proposal to Revoke the registration of Global Mortgage Link Corp.;
AND IN THE MATTER OF a request for hearing pursuant to subsection 7(2) of the Act.
BETWEEN:
PETER CHATT GLOBAL MORTGAGE LINK CORP. Applicant
-and-
SUPERINTENDENT OF FINANCIAL SERVICES Respondent
BEFORE:
Ms. Martha Milczynski Chair of the Tribunal and of the Panel
Mr. Paul Litner Member of the Tribunal and of the Panel
Mr. Kevin Ashe Member of the Tribunal and of the Panel
APPEARANCES:
For Peter Chatt and Global Mortgage Link Corp. Mr. H. J. Doan
For the Superintendent of Financial Services Mr. Stephen Scharbach
HEARD:
July 9, 10, 2003
ORAL REASONS FOR DECISION
Global Mortgage Link Corporation is the registrant under the Mortgage Brokers Act whose registration the Superintendent has proposed to revoke by way of the Notice of Proposal dated September 18, 2002.
Mr. Peter Chatt is the sole director, officer and shareholder of the corporate registrant.
Having heard and reviewed the evidence and submissions of the parties and with written reasons which will follow, the Tribunal upholds the Superintendent's Notice of Proposal and directs the Superintendent to carry out the terms of the proposal to revoke the registration of Global Mortgage Link Corp.
Any party wishing to make submissions with respect to costs may do so within 30 days following the issuance of the Tribunal's written reasons.
DATED at the City of Toronto, this 17th, day of July, 2003.
"M. Milczynski" Martha Milczynski Chair of the Tribunal and of the Panel
"P. Litner" Paul Litner Member of the Tribunal and of the Panel
"K. Ashe" Kevin Ashe Member of the Tribunal and of the Panel