The Financial Services Regulatory Authority of Ontario imposed administrative penalties totaling CAD 160,000 under a settlement with S.O.R.A Real Estate & Insurance Ltd., operating as MIC Financial, and Roberto Gabriel Mammone for breaches of Ontario mortgage brokerage rules. MIC Financial was fined CAD 150,000 and Mammone CAD 10,000. The case relates to contraventions of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations. MIC Financial was found to have allowed an individual to deal or trade in mortgages on its behalf, and to have paid that individual for doing so, when it knew or reasonably ought to have known that the person was already authorized to deal or trade in mortgages on behalf of another brokerage, contrary to sections 43(2) and 44(2) of Ontario Regulation 188/08. Mammone was found to have done or omitted to do something that might reasonably be expected to result in the brokerage failing to comply with the Act, contrary to section 3 of Ontario Regulation 187/08.
Financial Services Regulatory Authority of Ontario2026-07-03
Financial Services Regulatory Authority of Ontario imposes CAD 160,000 in penalties on MIC Financial and Roberto Gabriel Mammone over mortgage brokerage breaches
The Financial Services Regulatory Authority of Ontario imposed CAD 160,000 in administrative penalties on MIC Financial and Roberto Gabriel Mammone under a settlement over mortgage brokerage breaches. MIC Financial was penalized for allowing and paying an individual to trade mortgages while that person was authorized for another brokerage, and Mammone was fined for conduct that could reasonably be expected to cause the brokerage's non-compliance.