FSRA issues Notice of Proposal and interim suspension order against Ian Vilafana and Valor Financial Corp.

TORONTO, March 24, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Ian Vilafana (Vilafana) and Valor Financial Corp. (Valor).

FSRA alleges that Vilafana is not suitable to be licensed as he gave false and deceptive information while dealing in mortgages contrary to section 43(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act). FSRA further alleges that there are reasonable grounds for belief that Vilafana will not deal or trade in mortgages in accordance with the law and with integrity and honesty.

FSRA alleges that Valor is not suitable to be licensed as the past conduct of Vilafana, who is Valor's sole director, affords reasonable grounds for belief that Valor's business will not be carried on in accordance with the law and with integrity and honesty. FSRA further alleges that Valor has not actively supervised Vilafana's conduct as a mortgage broker.

FSRA is proposing to revoke Vilafana's mortgage broker licence and Valor's mortgage brokerage licence and has issued an interim order suspending their licences effective as of March 20, 2023.

Vilafana and Valor may request a hearing before the Financial Services Tribunal about this proposal.

FSRA has also commenced quasi-criminal proceedings under the Provincial Offences Act against Valor and Vilafana in respect of the above allegations. The proceedings are ongoing.

Read the Notice of Proposal here.
Read FSRA's Interim Order here.

Learn more:

FSRA is working to protect consumers through its monitoring and enforcement activities.

FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

FOR MEDIA INQUIRIES:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected] 

SOURCE Financial Services Regulatory Authority of Ontario