TORONTO, June 17, 2021 / CNW / – The Financial Services Regulatory Authority of Ontario (FSRA) imposed administrative sanctions of $ 250,000 at Jean Moran and $ 1,000,000 on Lyon Financial Services.
Jean Moran mortgages for remuneration when they were not authorized, contrary to the Mortgage Brokers, Lenders and Administrators Act, 2006. Moran was a shareholder, director and officer of Lyon Financial Services
Lyon Financial Services carried out an unlicensed mortgage loan trading activity unlike the Mortgage Brokers, Lenders and Administrators Act, 2006.
Jean Moran and Lyon Financial Services
- solicited approximately 170 investors in approximately 292 transactions to participate in syndicated mortgage placements;
- provided borrower information to potential mortgage lenders; and
- assessed potential borrowers on behalf of potential lenders.
The ARSF issued this order following a settlement between the ARSF, Jean Moran, and Lyon Financial Services.
Read the ARSF order here: Jean Moran and 1410163 Ontario Inc. operating as Lyon Financial Services – Financial penalties
Learn more about FSRA’s work to protect consumers through its monitoring and enforcement activities.
The Financial Services Regulatory Authority of Ontario (FSRA) continues to work with those we regulate to ensure financial security, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
SOURCE Financial Services Regulatory Authority Ontario
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