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An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSRA’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.
Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006,
S.O. 2006, c.29, as amended (the “Act”), in particular sections 18,19 and 21;

AND IN THE MATTER OF Valor Financial Corp. (“Valor”).


EXTENSION OF INTERIM ORDER SUSPENDING LICENCE

TO: Valor Financial Corp.

Valor Financial Corp. (“Valor”) is a mortgage brokerage licensed under the Act (licence # 13114), which has been operating under the licence since January 2019.
On March 20, 2023, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal (“Notice”) to revoke mortgage brokerage licence issued to Valor.

On March 20, 2023, the Director, by delegated authority from the Chief Executive Officer, issued an interim order immediately suspending the licence issued to Valor.

On April 11, 2023, Valor requested a hearing by the Financial Services Tribunal with respect to the Notice.

ORDER

IT IS ORDERED THAT pursuant to subsections 19(4) and 18(6) of the Act, the interim suspension order dated March 20, 2023 against Valor Financial Corp., is extended until the Notice is finally determined.

AND TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) and (2) of the Act, every person who fails to comply with an order made under the Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $500,000 or imprisonment for a term of not more than a year or both a fine and imprisonment. Every corporation convicted of an offence under the Act is liable to a fine of not more than $1,000,000.

Pursuant to subsection 48(5) of the Act, if a corporation commits an offence under the Act, every director or officer who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted.

Subsection 48(6) provides that every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an act or omission by the partnership or entity which, if committed by a person, would be an offence under the Act, is guilty of an offence.

DATED at Toronto, Ontario, April 11, 2023

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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