IN THE MATTER OF the Insurance Act, RSO 1990, c. 1.8, as amended (the "Act"), in particular sections 441.2 and 441.3;
AND IN THE MATTER OF John Gregory Bruschetto (the "Licensee").
ORDER IMPOSING AN ADMINISTRATIVE PENALTY
The Licensee was licensed as a life insurance and accident and sickness insurance agent (licence # 03079229) under the Act until it expired on February 24, 2025.
On February 18, 2025, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the "Chief Executive Officer"), the Senior Manager, Market Conduct Action Team (the "Senior Manager") issued a Notice of Proposal to impose an administrative penalty in the amount of $5,000 on the Licensee for contravening section 447(1)(2)(a.3) of the Act.
The Notice of Proposal was served upon the Licensee on February 26, 2025. Section 441.3(5) of the Act provides that any person on whom a Notice of Proposal is delivered has fifteen (15) days after the Notice of Proposal is received to request a hearing by the Financial Services Tribunal (the "Tribunal").
The Senior Manager and the Licensee have resolved the matter without a hearing and on consent.
ORDER
An administrative penalty in the amount of $5,000 is hereby imposed on John Gregory Bruschetto.
TAKE NOTICE THAT John Gregory Bruschetto will be receiving an invoice from the Financial Services Regulatory Authority of Ontario with information as to where and how to make the payment. John Gregory Bruschetto must pay the Administrative Penalty no later than 90 days after the date of the invoice.
If John Gregory Bruschetto fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, this 11th day of March 2025.
Nicolle Pace
Senior Manager, Market Conduct Action Team
By delegated authority from the Chief Executive Officer
Si vous desirez recevoir cet avis en frangais, veuillez nous envoyer votre demande par courriel immediatement a: contactcentre@fsrao.ca.
Envelope Id: 1234D742-6DBC-42AA-8961-463F8E5BAA0F
Subject: Here is your signed document: Bruschetoo Order.docx Source Envelope:
Status: Completed
Document Pages: 2
Certificate Pages: 1 AutoNav: Enabled
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Envelope Originator: Nicolle Pace Nicolle.Pace@fsrao.ca
IP Address: 20.236.201.102
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Nicolle Pace Nicolle.Pace@fsrao.ca
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