Cadore dropped his Tribunal challenge, leaving the order standing in a case that falls outside the leniency the Ahuja ruling allows
The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew the life insurance and accident and sickness agent licence of Mckasey Samuel Cadore.
FSRA found that Cadore made a material misstatement or omission on his licence application, contrary to Ontario Regulation 347/04, and that he had demonstrated incompetence or untrustworthiness making him unsuitable to hold a licence. The order was issued after Cadore withdrew his request for a hearing before the Financial Services Tribunal.
In its earlier notice of proposal, FSRA alleged that Cadore knowingly submitted false claims to Sun Life for services he did not receive, and accepted reimbursement that he failed to repay despite agreeing to do so.
The case follows the Ontario Divisional Court's decision in November 2025 to dismiss FSRA's appeal in the case of Ishaan Ahuja. In that case, the Tribunal had ordered FSRA to renew Ahuja's licences with a one-year supervision period and a $10,000 administrative penalty, even though it found he had made misleading statements on his licensing application.
The Tribunal's reasoning in Ahuja turned on the nature of the misstatements. It found that Ahuja had relied on incorrect advice from his firm about continuing to work while his renewal was pending, and that he stopped immediately once FSRA told him...
Cadore dropped his Tribunal challenge, leaving the order standing in a case that falls outside the leniency the Ahuja ruling allows The Financial Services Regulatory Authority of Ontario (FSRA) has...