The Financial Services Regulatory Authority of Ontario has warned consumers not to do business with Sam Kamra, saying he is not licensed to conduct mortgage brokering business in Ontario. The alert says consumers face fewer legal protections when obtaining mortgages through unlicensed individuals or entities, and that unlicensed operators may recommend mortgage products that do not meet borrowers' needs. FSRA said it has received reports that Kamra facilitated and arranged private mortgages for consumers, funded by 2707551 Ontario Inc. and 2724582 Ontario Inc., among others. It also said Kamra poses as a mortgage broker or expert in Ontario and urges consumers to finance or refinance their properties. Separately, FSRA said consumers have been pressured into signing illegal releases prohibiting them from approaching regulatory authorities. Consumers who believe they may have been victims of fraud involving Kamra were directed to contact their local police department. Those who obtained a mortgage arranged by Kamra may also file a complaint with FSRA. The regulator also reminded consumers to verify through the public registry that they are dealing with a licensed mortgage broker, agent, brokerage or administrator.
Financial Services Regulatory Authority of Ontario2026-06-12
Financial Services Regulatory Authority of Ontario warns consumers against unlicensed mortgage brokering by Sam Kamra
The Financial Services Regulatory Authority of Ontario has warned consumers not to deal with Sam Kamra because he is not licensed to conduct mortgage brokering business in Ontario. FSRA said Kamra has reportedly arranged private mortgages and posed as a mortgage broker or expert, and that some consumers were pressured into signing illegal releases. Consumers who obtained a mortgage through him may file a complaint with FSRA.