In the news release, FSRA imposes administrative penalties
against Forest City Funding Inc. and William Handsaeme and suspends the license of
William Handsaeme, issued
30-Jul-2024 by Financial Services
Regulatory Authority of Ontario
over CNW, we are advised by the company that it contained incorrect
information about a contravention of 14.2 of Ontario Regulation
188/08. They also informed us that there was no contravention of
this regulation. FSRA is committed to transparency. They have also
undertaken an internal review of their processes. The complete,
corrected release follows:
FSRA imposes administrative penalties against Forest City Funding
Inc. and William Handsaeme and suspends the license of William
Handsaeme
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.
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