FSRA issues notice of proposal against Shawn Leonard Ruccia

TORONTO, Aug. 22, 2025 /CNW/ – Ontario’s financial services regulator, FSRA, has initiated enforcement action against Shawn Leonard Ruccia (Ruccia).

FSRA alleges that Ruccia is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) because his past conduct affords reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty.

FSRA also alleges that Ruccia contravened the Act, and its regulations by failing to take reasonable steps to ensure that mortgages presented to borrowers were suitable, contrary to section 3 of Ontario Regulation 187/08 and therefore causing the brokerage to contravene subsection 24(1) of Ontario Regulation 188/08.

FSRA is proposing to revoke the mortgage agent level 2 licence issued to Ruccia and to impose an administrative penalty in the amount of $70,000 against Ruccia.

Ruccia requested a hearing 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:

Ashley Legassic

Sr. Media Relations and Digital Officer

Financial Services Regulatory Authority

C: 647-719-8426

Email: ashley.legassic@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario