Beware of getting a mortgage product from Sam Kamra and other unlicensed persons and entities
The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers not to do business with Sam Kamra (“Kamra”), as he is not licensed to conduct mortgage brokering business in Ontario. There are potential risks if you obtain mortgages arranged by or through this unlicensed individual.
Consumers have fewer protections under the law if obtaining mortgages from unlicensed individuals and/or entities. In addition, unlicensed individuals may not fully understand mortgage products and may recommend a product that doesn’t meet your needs.
It has been reported that Kamra facilitated and arranged private mortgages, funded by 2707551 Ontario Inc. and 2724582 Ontario Inc. among others, for consumers. Kamra poses as a mortgage broker or expert in Ontario and urges consumers to finance or refinance their properties.
It has also been reported that consumers have been pressured into signing illegal releases prohibiting them from approaching the regulatory authorities.
Kamra is using the following email addresses while conducting unlicensed business:
If you believe you may have been a victim of fraud involving Kamra, please contact your local police department. If you have obtained a mortgage arranged by Kamra, you may also submit a complaint to FSRA.
For reference, all individuals wishing to deal and/or trade in mortgages in Ontario must be licensed by FSRA.
A FSRA licence demonstrates that individuals and entities have met rigorous professional standards, including continuing education requirements.
This helps ensure that mortgage professionals have the skills needed to protect consumers and can recommend products that are suitable for you and your family.
FSRA licenses mortgage brokerages, brokers and agents to safeguard public confidence and trust in Ontario’s financial services.
Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage or administrator.
Learn more:
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness and choice for everyone.
Learn more at www.fsrao.ca
For public inquiries, please email [email protected]
For media inquiries:
Lilian Kim
Sr. Media Relations Officer
Financial Services Regulatory Authority
(416) 617-8513
Email: [email protected]