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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 35, 38 and 39;

AND IN THE MATTER OF Benito Allison, also known as Ben/Beni/Bini Allison/Alliston (“Allison”);

AND IN THE MATTER OF 2557311 Ontario Inc., operating as Money That Works
(“Money That Works”).


COMPLIANCE ORDER and ORDER IMPOSING ADMINISTRATIVE PENALTIES

Allison is not currently licensed under the Act, and at the relevant times was not licensed under the Act.

Money That Works is not licensed under the Act, and at the relevant times was not licensed under the Act. Allison is the sole director and officer of Money That Works.

On March 4, 2021, 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 a compliance order and administrative penalties on Allison and Money That Works for:

  1. Negotiating and/or arranging mortgages on behalf of another person, while not licensed under the Act, contrary to section 2(1)4 of the Act;

  2. Holding themselves out as legitimately dealing in mortgages under the Act and receiving remuneration for dealing in mortgages, while not licensed under the Act, contrary to sections 2(2) and 2(3) of the Act; and

  3. Soliciting borrowers on the security of real property, while not licensed under the Act, contrary to section 2(1)1 of the Act.

A Request for Hearing (Form 1) dated March 23, 2021, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with sections 35(4) and 39(5) of the Act respecting the Notice of Proposal.

On December 24, 2021, Allison and Money That Works withdrew the Request for Hearing, and, on December 29, 2021, the Tribunal closed its file in respect of this matter. This order is made pursuant to a settlement entered into by Allison, Money That Works and the Director.

ORDER

Three (3) administrative penalties in the total amount of $15,000 are hereby imposed on Benito Allison, also known as Ben/Beni/Bini Allison/Alliston and 2557311 Ontario Inc., operating as Money That Works, for the reasons set out in the Notice of Proposal.

For the reasons set out in the Notice of Proposal, it is hereby ordered that Benito Allison, also known as Ben/Beni/Bini Allison/Alliston, and 2557311 Ontario Inc., operating as Money That Works:

  1. Cease soliciting persons or entities to borrow or lend money on the security of real property in Ontario, or holding themselves out as doing so, including soliciting investors to lend money to be secured against real property in Ontario; and

  2. Cease and desist from dealing in mortgages as defined in section 2(1) of the Act or holding themselves out as licensed to do so.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Benito Allison, also known as Ben/Beni/Bini Allison/Alliston, and 2557311 Ontario Inc., operating as Money That Works, with information as to where and how to pay the administrative penalties. Benito Allison, also known as Ben/Beni/Bini Allison/Alliston, and 2557311 Ontario Inc., operating as Money That Works must pay the administrative penalties no later than thirty (30) days after the date of the invoice.

If Benito Allison, also known as Ben/Beni/Bini Allison/Alliston, and 2557311 Ontario Inc., operating as Money That Works, 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, January 6, 2022

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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