IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 18, 21, 38 and 39;
AND IN THE MATTER OF Forest City Funding Inc. (“FCF”) and William Handsaeme (“Handsaeme”)
FCF is licensed as a Mortgage Brokerage under the Act (licence #10671). Handsaeme is licensed as a Mortgage Broker (licence #M08000225) under the Act.
On April 8, 2024, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation & Enforcement (the “Director”) issued a Notice of Proposal to:
A Request for Hearing (Form 1) was delivered to the Financial Services Tribunal (the “Tribunal”) on April 18, 2024, in accordance with section 39(5) of the Act respecting the Notice of Proposal.
On July 18, 2024, FCF and Handsaeme withdrew the Request for Hearing, and, on July 19, 2024, the Tribunal closed its file in respect of this matter. Therefore, pursuant to sections 21(7) and 39(7) of the Act, the Director makes the following Orders.
Five administrative penalties in the total amount of $75,000 are hereby imposed on Forest City Funding Inc. for breaching subsection 43(1) of the Act, for the reasons set out in the Minutes of Settlement and Undertaking.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Forest City Funding Inc. with information as to where and how to pay the administrative penalty. Forest City Funding Inc. must pay the administrative penalty no later than thirty (30) days after the date of this Order or as otherwise agreed with the Financial Services Regulatory Authority of Ontario.
If Forest City Funding Inc. fails to pay the administrative penalty 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 an Order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, July 19, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario
By delegated authority from the Chief Executive Officer
Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.
An administrative penalty in the amount of $7,500 is hereby imposed on William Handsaeme for breaching section 3 of O. Reg. 187/08, for the reasons set out in the Minutes of Settlement and Undertaking.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Handsaeme with information as to where and how to pay the administrative penalty. William Handsaeme must pay the administrative penalty no later than thirty (30) days after the Order is issued or as otherwise agreed with the Financial Services Regulatory Authority of Ontario.
If Handsaeme fails to pay the administrative penalty 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 an Order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, July 19, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario
Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.
The Mortgage Broker licence (licence #M08000225) issued to William Handsaeme is hereby suspended for a period of one year, for the reasons set out in the Minutes of Settlement and Undertaking.
DATED at Toronto, Ontario, July 19, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario
Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.