FSRA issues notice of proposal against S.O.R.A Real Estate & Insurance Ltd. operating as MIC Financial and Roberto Gabriel Mammone

TORONTO, April 8, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against S.O.R.A. Real Estate & Insurance Ltd. operating as MIC Financial (MIC Financial) and Roberto Gabriel Mammone (Mammone).

FSRA alleges that MIC Financial contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by repeatedly allowing a mortgage agent to deal in mortgages on its behalf and paying fees to that mortgage agent when the mortgage agent was only authorized to deal in mortgages on behalf of a different mortgage brokerage, contrary to sections 43(2) and 44(2) of Ontario Regulation 188/08.

FSRA alleges that Mammone caused MIC Financial to engage in the conduct above, contrary to section 3 of Ontario Regulation 187/08.

FSRA is proposing to impose two (2) administrative penalties in the total amount of $300,000 on MIC Financial and one (1) administrative penalty in the amount of $20,000 on Mammone.

MIC Financial and Mammone requested a hearing before the Financial Services Tribunal about this proposal.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario