FSRA issues notice of proposal against Forest City Funding Inc. and William Handsaeme
Ontario's financial services regulator, FSRA, has initiated enforcement action against Forest City Funding Inc. (FCF) and William Handsaeme (Handsaeme).
FSRA alleges that FCF contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:
- By giving false or deceptive information and documents when dealing in mortgages, contrary to subsection 43(1) of the Act.
- By acting 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.
FSRA alleges that Handsaeme contravened section 3 of Ontario Regulation 187/08 by causing FCF to engage in the conduct above, and that Handsaeme is not suitable to be licensed under the Act.
FSRA is proposing to suspend the licence issued to Handsaeme and amend it to add conditions. FSRA is also proposing to impose administrative penalties in the amount of $100,000 against FCF and an administrative penalty in the amount of $10,000 against Handsaeme.
FCF and Handsaeme have requested a hearing before the Financial Services Tribunal about this proposal.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Ashley Legassic
Acting Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]