IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the “Act”), in particular sections 38 and 39;

AND IN THE MATTER OF S.O.R.A. Real Estate & Insurance Ltd. operating as MIC Financial;

AND IN THE MATTER OF Roberto Gabriel Mammone.

ORDER TO IMPOSE ADMINISTRATIVE PENALTIES

S.O.R.A. Real Estate & Insurance Ltd. operating as MIC Financial (“MIC Financial”) is licensed as a mortgage brokerage under the Act (licence # 11891). Roberto Gabriel Mammone (“Mammone”) was licensed as a mortgage agent under the Act (licence # M09002437) prior to August 7, 2024. Mammone has been licensed as a mortgage broker under the Act since August 7, 2024. Mammone is authorized to deal or trade in mortgages on behalf of MIC Financial.

On February 6, 2025, 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 to impose two administrative penalties on MIC Financial for the following during the period from August 2020 to July 2023:

For authorizing an individual to deal or trade in mortgages on its behalf when the mortgage brokerage knew, or reasonably ought to have known, that the individual is a broker or agent who is authorized to deal or trade in mortgages on behalf of another brokerage, contrary to section 43(2) of Ontario Regulation 188/08;
For paying a fee or other remuneration to an individual for dealing or trading in mortgages on its behalf when the brokerage knew, or reasonably ought to have known, that the individual is a broker or agent who is authorized to deal or trade in mortgages on behalf of another brokerage, contrary to section 44(2) of Ontario Regulation 188/08.

In the Notice of Proposal, the Director also proposed to impose one administrative penalty on Mammone for doing or omitting to do anything that might reasonably be expected to result in their mortgage brokerage contravening or failing to comply with a requirement established under the Act between August 2020 and July 2023, contrary to section 3 of the Ontario Regulation 187/08.

Requests for Hearings (Form 1s), dated February 3, 2025, were delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On June 2, 2026, MIC Financial and Mammone withdrew the Requests for Hearing, and, on June 5, 2026, the Tribunal closed its file in respect of this matter.

These Orders are made pursuant to a settlement entered into by MIC Financial, Mammone, and the Director.

ORDERS

Two administrative penalties in the total amount of $150,000 are hereby imposed on S.O.R.A. Real Estate & Insurance Ltd., for the reasons set out in the Minutes of Settlement.

An administrative penalty in the amount of $10,000 is hereby imposed on Roberto Gabriel Mammone, for the reasons set out in the Minutes of Settlement.

TAKE NOTICE THAT Financial Services Regulatory Authority of Ontario will deliver an invoice to MIC Financial and Mammone with information as to where and how to pay the administrative penalties. MIC Financial and Mammone must pay the administrative penalties no later than thirty (30) days after the date of this Order or as otherwise agreed on.

If MIC Financial or Mammone fail to pay the administrative penalties in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario, June 16, 2026.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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