In the news release, FSRA imposes administrative penalties against Forest City Funding Inc. and William Handsaeme and suspends the license of William Handsaeme, issued 30-Jul-2024 by Financial Services Regulatory Authority of Ontario over CNW, we are advised by the company that it contained incorrect information about a contravention of 14.2 of Ontario Regulation 188/08. They also informed us that there was no contravention of this regulation. FSRA is committed to transparency. They have also undertaken an internal review of their processes. The complete, corrected release follows:

TORONTO, July 30, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has issued an Order imposing administrative penalties in the total amount of $75,000 against Forest City Funding Inc. (FCF) and an Order imposing an administrative penalty in the amount of $7,500 against Willian Handsaeme (Handsaeme). FSRA also issued an Order suspending the license of Handsaeme.

FCF contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by giving false or deceptive information and documents when dealing in mortgages, contrary to subsection 43(1) of the Act.

Handsaeme contravened section 3 of Ontario Regulation 187/08 by causing FCF to engage in conduct in breach of the Act.

FSRA issued these Orders as a result of a settlement with FCF and Handsaeme.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.

For media inquiries: 

Russ Courtney
Sr. Manager of Media Relations 
Financial Services Regulatory Authority 
C: 437-225-8551 
Email: russ.courtney@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario