Tier 1 Transaction Advisory Services Inc., Tier 1 Mortgage Corporation, and First Commonwealth Mortgage Corporation facing enforcement action
October 21, 2016
The Superintendent of Financial Services has issued a cease and desist order against Tier 1 Transaction Advisory Services Inc., and has suspended the licences Size: ## kb of Tier 1 Mortgage Corporation, First Commonwealth Mortgage Corporation, Bhaktraj Singh, Jude Cassimy, and Dave Balkissoon for practices that contravene the Mortgage Brokerages, Lenders and Administrators Act, 2006 , arising in certain syndicated mortgage transactions.
The Financial Services Commission of Ontario (FSCO) believes these activities pose a risk to investors, lenders and borrowers. The entities named in the orders must immediately stop conducting any mortgage-related business. They have 15 days to request a hearing before the Financial Services Tribunal
. If they do not request a hearing within that time, the orders may become permanent.
FSCO strongly encourages anyone who has a contractual agreement with these entities to seek independent legal and financial advice.
FSCO's legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates. FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance.
Contacts For media enquiries only:
Financial Services Commission of Ontario
Toll free: 1-800-668-0128, ext. 7795