FSRA Imposes Administrative Penalties on John Moran and Lyon Financial Services
TORONTO, June 17, 2021 – The Financial Services Regulatory Authority of Ontario (FSRA) has imposed administrative penalties of $250,000 on John Moran and $1,000,000 on Lyon Financial Services.
John Moran dealt in mortgages for remuneration while unlicensed contrary to the Mortgage Brokerages, Lenders and Administrators Act, 2006. Moran was a shareholder, director and officer of Lyon Financial Services.
Lyon Financial Services carried on the business of dealing in mortgages while unlicensed contrary to the Mortgage Brokerages, Lenders and Administrators Act, 2006.
John Moran and Lyon Financial Services:
- solicited approximately 170 investors in approximately 292 transactions to participate in syndicated mortgage investments;
- provided information about borrowers to prospective mortgage lenders; and
- assessed the prospective borrowers on behalf of the prospective lenders.
FSRA issued this order as a result of a settlement between FSRA, John Moran, and Lyon Financial Services.
Read FSRA’s Order here: John Moran and 1410163 Ontario Inc. operating as Lyon Financial Services - Financial Penalty
Learn more about FSRA’s work to protect consumers through its monitoring and enforcement activities.
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
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