Glenn Whitter of Toronto has been charged of breaking at least a dozen mortgage-related laws by the Financial Services Commission of Ontario (FSCO) on January 6, 2014. He has allegedly dealt in mortgages sans brokerage licence approximately nine times, and transacted in administering mortgages sans the appropriate mortgage administrator’s license another nine times. These are all punishable under Ontario’s Mortgage Brokerages, Lenders, and Administrators Act of 2006.
Under this law, Ontario’s mortgage brokerages, administrators, brokers and agents are required to hold the specific licenses to conduct business. They are also expected to fulfill certain standards. Whitter allegedly solicited individuals for money for real estate and property transactions without an FSCO license.
If found guilty, Mr. Whitter can face a one-year prison term, a $100,000 fine, or both.
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