FSRA takes enforcement action against Ruby Dhunna, 9379231 Canada Inc., Kanwaljit Dhunna and Platinum Mortgages Inc.
TORONTO, Oct. 2, 2026 /CNW/ — The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Ruby Dhunna (R. Dhunna), 9379231 Canada Inc. operating as DLC RK Mortgages (DLC RK), Kanwaljit Dhunna (K. Dhunna), and Platinum Mortgages Inc. operating as Platinum Mortgages (Platinum Mortgages).
FSRA alleges that R. Dhunna and K. Dhunna are not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the Act), and that they contravened the Act and its regulations as follows:
- by failing to assist with an inquiry, contrary to section 30(6) of the Act;
- by hindering or obstructing FSRA in the performance of their duties; and withholding, concealing, altering or destroying anything that is relevant to an inquiry, contrary to subsections 44(1) and 44(2) of the Act;
- by giving false or misleading information to FSRA in respect of any matter related to the Act or the regulations, contrary to subsection 45(1) of the Act;
- by giving, assisting in giving or inducing or counsel another person or entity to give or assist in giving any false or deceptive information or document when dealing in mortgages in Ontario or trading in mortgages in Ontario, contrary to subsection 43(2) of the Act;
- by doing anything that might reasonably be expected to result in the brokerage contravening or failing to comply with a requirement established under the Act, contrary to section 3 of Ontario Regulation (O. Reg.) 187/08;
- by failing to provide proof of Errors and Omissions Insurance (E&O) for DLC RK and Platinum Brokerage, contrary to section 42 of O. Reg. 188/08;
- by failing to take reasonable steps to ensure that the mortgage presented to a borrower was suitable, contrary to subsection 24(1) of O. Reg. 188/08;
- by failing to disclose the material risks of a mortgage, contrary to subsection 25(1) of O. Reg. 188/08;
- by failing to submit the Annual Information Return (AIR) on behalf of DLC RK and Platinum Brokerage, contrary to section 2 of O. Reg. 193/08; and
- by failing to notify FSRA on behalf of DLC RK, Platinum Brokerage and Platinum Administrator within five days of a change of location of its principal place of business in Ontario, contrary to section 8 of O. Reg. 193/08.
FSRA alleges that R. Dhunna is also not suitable to be licensed under the Act and contravened the Act and its regulations as follows:
- by carrying on the business of a mortgage administrator without a licence, contrary to subsection 5(2) of the Act; and
- by failing to disclose a conflict of interest in connection with a mortgage, pursuant to s. 27 of O. Reg. 188/08.
FSRA alleges that K. Dhunna is also not suitable to be licensed under the Act and contravened the Act and its regulations as follows:
- by failing to remit the payments to or on behalf of a borrower, contrary to subsection 5(1) of the Act;
- by failing to provide proof of E&O for Platinum Administrator, contrary to section 27 of O. Reg. 189/08;
- by failing to submit the AIR on behalf of Platinum Administrator, contrary to section 2 of O. Reg. 193/08; and
- by failing to file Audited Financial Statements (AFS) on behalf of Platinum Administrator, contrary to section 3 of O. Reg. 193/08.
FSRA alleges that DLC RK and Platinum Mortgages are not suitable to be licensed under the Act because the past conduct of R. Dhunna and K. Dhunna affords reasonable grounds for belief that the business of the corporations will not be carried on in accordance with the law and with integrity and honesty, and because R. Dhunna and K. Dhunna have made false statements and provided false information with respect to the application for a licence.
FSRA is proposing to refuse to renew the mortgage broker licences issued to R. Dhunna and K. Dhunna, to revoke the mortgage brokerage licences issued to DLC RK and Platinum Mortgages and to revoke the mortgage administrator licence issued to Platinum Mortgages.
FSRA is also proposing to impose an administrative penalty of $50,000 against K. Dhunna.
R. Dhunna, K. Dhunna, DLC RK and Platinum Mortgages requested a hearing before the Financial Services Tribunal about this proposal.
FSRA has imposed an interim suspension Order on DLC RK and Platinum Brokerage, which has been extended until the hearing has concluded. DLC RK and Platinum Brokerage are not authorized to deal in or trade in mortgages in Ontario while under suspension.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
