Ontario’s securities watchdog approved a settlement on Wednesday with Home Capital Group Inc. and three former executives who failed to tell investors quickly and completely about fraudulent activity by some mortgage brokers associated with the alternative lender.
As a result of the settlement, about $11 million could flow through the Ontario Securities Commission (OSC) to shareholders covered by a related class action suit that’s awaiting court approval.
The agreement is conditional on the Ontario Superior Court accepting a settlement worth about $29.5 million including the money available through the OSC process.
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This article is summarized by Canadian Fraud News Inc.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.