The Financial Services Regulatory Authority of Ontario (FSRA) issued a notice of proposal initiating enforcement action against S.O.R.A. Real Estate & Insurance Ltd. operating as MIC Financial and Roberto Gabriel Mammone, alleging breaches of Ontario’s mortgage brokerage requirements. FSRA alleges that MIC Financial repeatedly allowed a mortgage agent to deal in mortgages on its behalf and paid fees to that agent even though the agent was only authorized to deal in mortgages for a different mortgage brokerage, contrary to sections 43(2) and 44(2) of Ontario Regulation 188/08 under the Mortgage Brokerages, Lenders and Administrators Act, 2006. It also alleges that Mammone caused MIC Financial to engage in this conduct, contrary to section 3 of Ontario Regulation 187/08. FSRA is proposing two administrative penalties totalling CAD 300,000 against MIC Financial and one administrative penalty of CAD 20,000 against Mammone. MIC Financial and Mammone have requested a hearing before the Financial Services Tribunal regarding the proposal.
Financial Services Regulatory Authority of Ontario 2025-04-08
Financial Services Regulatory Authority of Ontario proposes CAD 320,000 in penalties against MIC Financial and Roberto Gabriel Mammone for alleged mortgage brokerage rule breaches
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against S.O.R.A. Real Estate & Insurance Ltd., operating as MIC Financial, and Roberto Gabriel Mammone for alleged breaches of Ontario’s mortgage brokerage requirements, including unauthorized mortgage dealings and fee payments, with proposed penalties totaling CAD 320,000. MIC Financial and Mammone have requested a hearing before the Financial Services Tribunal.