Building & Development Mortgages Inc. provides further information regarding recent FSCO consent orders

TORONTO, Feb. 5, 2018 /CNW/ - In an article dated February 2, 2018, Reuters stated that, in a "special report" published in November, Reuters had revealed that the Financial Services Commission of Ontario (FSCO) had been investigating brokers raising funds for projects associated with Fortress since 2011 but had failed to take action despite repeated warnings of the risky investments that broke provincial laws.

However, there has been no adjudication, determination or finding by the Financial Services Tribunal that any provincial laws were broken.  In fact, the recent orders involving Building & Development Mortgages Inc., Vincenzo Petrozza and others were made on consent and specifically state that the orders were made "without there having been any finding or determination by the Financial Services Tribunal as to any contravention or failures to comply with the [Mortgage Brokerages, Lenders and Administrators] Act". 

As Ildina Galati, the former principal broker of BDMC, has previously stated, BDMC made a business decision to enter into a settlement with FSCO.  The staff of BDMC look forward to working with FAAN Mortgage Administrators Inc., in administering the existing loans and assisting to bring them across the finish line.

SOURCE Building and Development Mortgages Canada Inc. (BDMC)

Media Contact: Jenni Byrne, Bayfield Strategy Inc., [email protected], [phone]