The Divisional Court of Ontario, in response to an application from the Financial Services Regulatory Authority of Ontario (FSRA), has ordered Kostyantyn Poshtarenko and Anatolii Stoliar to attend an informational interview to assist in the investigation into their conduct.

The court imposed a fine of $5,000. It also ordered an additional $1,000 fine for each day the pair does not comply with the court’s order, up to $20,000, for a total penalty of $25,000 each.

The fines imposed by the court are in addition to a $100,000 administrative penalty FSRA levied against Poshtarenko in April 2025 for acting as an insurance agent while not being licensed. Those sanctions were levied following an investigation that kicked off in March and April 2023, when the regulator received complaints from the Équité Association, Aviva Insurance Company of Canada and TD Insurance (TDI) alleging that Poshtarenko applied for at least 20 auto insurance policies on behalf of consumers, both with and without their knowledge.

In addition to charging between $100 and $350 to arrange the policies, usually for newcomers to Canada, Poshtarenko on his own and through intermediaries, impersonated consumers on binding calls over the phone. In another case, Poshtarenko took the license of one would-be client, and used it to apply for 51 TDI auto insurance policies, with that consumer, known as VC in the notice of proposal in the case, being falsely identified as the primary driver, even though they had no connection to or knowledge of the policies.

Poshtarenko and Stoliar did not attend interviews with FSRA investigators. Poshtarenko did not request a Financial Services Tribunal hearing.

Non-compliance will not be tolerated 

“In order to protect consumers and maintain confidence in financial services, people must comply with FSRA investigations and, as we saw in this case, the courts support our enforcement efforts,” Elissa Sinha, director of litigation and enforcement with FSRA said in a statement. “Non-compliance with a FSRA summons will not be tolerated and can have serious consequences.” 

The justice in the case discusses a three-part test in the court’s endorsement, which requires FSRA to prove a few points beyond a reasonable doubt. “After the exercise of great restraint and caution, I am satisfied beyond a reasonable doubt that the three elements have been made out for both Mr. Poshtarenko and Mr. Stoliar,” they write, ordering the pair to immediately contact FSRA to arrange a time and date for their examination.

“I find it proven beyond a reasonable doubt that based upon the repeated efforts to summons the two men to an examination, the nature and the history of the investigations against the men and the total lack of response from them, that they are both intentionally failing to comply with the summons.”