Enforcement action by the province's financial services regulator comes on the heels of a Star investigation into a mortgage deal that Harold Gerstel and his companies had with the late Judy Allen, a senior who eventually lost her North York bungalow to Gerstel.
Ontario is moving-again-to shut down Harold the Mortgage Closer, alleging he has for years carried out a scheme that charged "vulnerable" people up to 76 per cent interest on mortgages.
Enforcement action by the Financial Services Regulatory Authority of Ontario comes on the heels of a Toronto Star investigation into a mortgage deal that Harold Gerstel and his companies had with the late Judy Allen, a senior who eventually lost her North York bungalow to Gerstel.
The regulator says it has now looked more deeply into Gerstel's activities and found five other cases. Among them, situations in which, the regulator alleges, Gerstel's effective interest rate was as high as 76 per cent. Canada's Criminal Code has set 60 per cent as the highest legal interest rate allowed.
The regulator alleges "Harold Gerstel has orchestrated a scheme under which he leveraged the credibility afforded to him" by being licensed as a mortgage broker and then advertised "to vulnerable consumers." "Gerstel is not suitable to be licensed as a mortgage broker," says Elissa Sinha, director of litigation and enforcement with the provincial financial services regulator in an enforcement proposal made public on Thursday.
"Gerstel has intentionally circumvented the protections provided to the borrowers" by provincial legislation.
The regulator is seeking to close down Gerstel's company and private lender Esther Gerstel Inc. (the sole director is his wife, Esther) and levy fines totalling $210,000. The regulator states that Gerstel's company arranges the deals, and his wife's company advances the funds.
هذه القصة مأخوذة من طبعة May 17, 2024 من Toronto Star.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 17, 2024 من Toronto Star.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Disgraceful behaviour on Parliament Hill
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Lebanon is Rocked Again by Deadly Exploding Devices - Israel acknowledges 'new phase in war'; civilians among dead
Walkie-talkies and solar equipment exploded in Beirut and other parts of Lebanon on Wednesday in an apparent second wave of attacks targeting devices a day after pagers used by Hezbollah blew up, state media and officials for the militant group said. At least 20 people were killed and more than 450 wounded in the second wave, the Health Ministry said.
Feds Impose New Limits on International Students - Immigration Minister Marc Miller has announced new limits on international students Wednesday, saying Canada is facing an untenable number of people wishing to come here.
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Bloc Will Vote to Prop up Liberals - Bloc Québécois Leader Yves-Francois Blanchet, said he does not have confidence in Prime Minister Justin Trudeau's minority government, but believes he can use the situation to push for his party's priorities.
Leader says he will oppose Tory motion to bring down Trudeau government. Bloc Québécois Leader Yves-Francois Blanchet, said he does not have confidence in Prime Minister Justin Trudeau's minority government, but believes he can use the situation to push for his party's priorities.
Dutcher wins second Polaris award
Singer donating prize to school in New Brunswick
