Court appointment of receiver for First Swiss Mortgage Corp.

FSRA takes immediate action to protect lenders and borrowers

TORONTO, March 20, 2023 /CNW/ - KSV Restructuring Inc. (KSV) has been appointed by the Ontario Superior Court of Justice as Receiver over the property of First Swiss Mortgage Corp. (First Swiss).

The Receiver was appointed upon court application by the Financial Services Regulatory Authority of Ontario (FSRA). FSRA brought the application on an urgent basis as a result of serious allegations of wrongdoing against First Swiss, made by various investors in the days leading to the court application. First Swiss is a mortgage brokerage and mortgage administrator licensed with FSRA.

"FSRA's first priority here is consumer protection, and we took immediate action in the public interest," said Elissa Sinha, Director of Enforcement and Litigation. "The court-appointed Receiver will have the power to secure the assets of First Swiss and immediately investigate its affairs. The Receiver will be reporting to the Court on an interim basis before April 3, 2023." 

The Receiver will be establishing a case website including the materials filed with the court and court orders for access by the public at https://www.ksvadvisory.com/experience/case/firstswiss.

FOR MEDIA INQUIRIES:

Russ Courtney
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario