FSRA takes enforcement action against S.O.R.A Real Estate & Insurance Ltd. operating as MIC Financial and Roberto Gabriel Mammone

The Financial Services Regulatory Authority of Ontario, FSRA, has imposed administrative penalties on S.O.R.A Real Estate & Insurance Ltd. operating as MIC Financial (MIC Financial) in the total amount of $150,000 and $10,000 on Roberto Gabriel Mammone (Mammone).

MIC Financial contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (Act) and its regulations as follows:

• By allowing an individual to deal or trade in mortgages on its behalf when they knew, or reasonably out to have known that the individual is a broker or agent who is authorized to deal or trade in mortgages on behalf of another brokerage, contrary to section 43(2) of Ontario Regulation (Ont. Reg.) 188/08; and
• By paying a fee or other remuneration to an individual for dealing or trading in mortgages on its behalf when they knew, or reasonable ought to have known, that the individual is a broker or agent who is authorized to deal or trade in mortgages on behalf of another brokerage, contrary to section 44(2) of Ont. Reg. 188/08.

Mammone contravened the Act and its regulations by doing or omitting to do anything that might reasonably be expected to result in their mortgage brokerage to contravene or fail to comply with the requirements under the Act, contrary to section 3 of Ont. Reg. 187/08.

FSRA issued these orders as a result of a settlement with MIC Financial and Mammone.

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For media inquiries:

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]