TORONTO, July 30,
2024 /CNW/ - Ontario's financial services
regulator, FSRA, has issued an Order imposing administrative
penalties in the total amount of $75,000 against Forest City Funding Inc.
(FCF) and an Order imposing an administrative penalty in the
amount of $7,500
against Willian Handsaeme
(Handsaeme). FSRA also issued an Order suspending the license of
Handsaeme.
FCF contravened the Mortgage Brokerages, Lenders and
Administrators Act, 2006 (Act) and its regulations by
giving false or deceptive information and documents when dealing in
mortgages, contrary to subsection 43(1) of the Act. FCF also acted
in circumstances where it ought to have known that by acting it was
being used by a borrower to facilitate dishonesty, contrary to
subsection 14.2 of Ontario Regulation 188/08.
Handsaeme contravened section 3 of Ontario Regulation 187/08 by
causing FCF to engage in conduct in breach of
the Act.
FSRA issued these Orders as a result of a settlement with FCF
and Handsaeme.
Learn more:
Access our enforcement database to see how FSRA is
working to protect consumers through its monitoring and enforcement
activities.
For media inquiries:
Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario