Home Capital replaces founder

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Bankruptcy and Insolvency Trustees

Home Capital Group Inc. has replaced one of the founders of the mortgage lending company following the company’s recent scandal.

Canada’s biggest nonbank mortgage lender has suffered a crisis since a securities regulator alleged earlier this year that its top executives hid mortgage broker fraud from investors. The company has said that it will defend itself against the accusations.

Home Capital’s high interest savings account deposits have fallen by 75 per cent following the news of the regulatory probe, as nervous depositors pull their money out.

Read more at Reuters

This article is summarized by Canadian Fraud News Inc.