Former Ontario broker faces 28 charges

by |
The Financial Services Commission of Ontario has charged a former licensed broker with 28 counts under the Ontario Mortgage Brokerages, Lenders and Administrators Act.

“(Ralph) Iacono faces 14 counts of dealing in mortgages without a brokerage licence and 14 counts of dealing in mortgages without a broker or agent's licence,” an official FSCO release states. “Mr. Iacono previously held a licence as mortgage broker but that licence was revoked by the Superintendent of Financial Services effective December 8, 2012. Mr. Iacono remains unlicensed to engage in mortgage business in the province of Ontario.” first reported on Iacono in July 2013, following FSCO’s issuance of an Interim Compliance Order against the unlicensed broker, urging clients to cease doing business with Iacono.

“The Superintendent has grounds to believe that Mr. Iacono is dealing in mortgages without a licence on behalf of Mortgage Lenders Ltd.,” a prior release stated at the time. “It is alleged that the clients of Mortgage Lenders Ltd. are at risk because Mr. Iacono's dealings with them contravenes the Mortgage Brokerages, Lenders and Administrators Act.”

The first appearance in the matter is set for May 1, 2014.
  • Amrut Rathod on 2014-03-21 11:58:41 AM

    One shall do the business as per the guide lines and rules.

  • Angela Wong-Liao - Invis Inc on 2014-03-21 1:19:55 PM

    Our mortgage brokerage industry is regulated by Financial Services of Ontario (FSCO) and we should conduct our businesses within the guidelines and the licensing requirement of FSCO.
    Mr Iacono had broken the rules and he should be punished.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions