The Financial Services Regulatory Authority of Ontario (FSRA) is taking a firm stance against alleged misconduct in the mortgage industry, specifically targeting a purported promissory note scheme in the GTA. Two brokers have faced license suspensions and a brokerage in Burlington has been shut down. The FSRA alleges that Margaret (Marg) Green and Kathy Locke issued promissory notes to investors totaling approximately $4.9 million, with concerns raised about unregistered mortgages and the use of funds. This action follows other recent penalties imposed by FSRA for broker misconduct, highlighting a broader effort to ensure integrity and protect consumers in the mortgage sector. These events underscore the importance of regulatory oversight and ethical conduct in the GTA mortgage market.
For more details on this developing story, visit the original article on mpamag.com.
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