David E. Wires

The Financial Services Tribunal previously directed the Superintendent to carry out a Notice of Proposal regarding the applicant's registration under the Mortgage Brokers Act.

In this costs decision, the Tribunal ordered the applicant to pay $15,000 in costs to the Superintendent.

The Tribunal found that the applicant unreasonably prolonged the proceedings by making unsubstantiated allegations of bad faith against the Superintendent's staff and introducing irrelevant matters.

The Superintendent of Financial Services issued a Notice of Proposal to revoke the registration of Sussman Mortgage Funding Inc. (SMFI) as a mortgage broker.

SMFI requested a hearing before the Financial Services Tribunal.

The Tribunal found that the principals of SMFI engaged in a protracted pattern of conduct to hide or withhold information from the Superintendent, failed to comply with trust fund administration requirements, and operated an unregistered related company as a mortgage broker.

Concluding that the past conduct of the principals afforded reasonable grounds for belief that SMFI would not carry on business in accordance with the law and with integrity and honesty, the Tribunal directed the Superintendent to carry out the proposal to revoke SMFI's registration.