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14

Home Capital Settles with OSC Over Fraudulent Mortgages

By Tony Seruga

Canadian mortgage lender also settles class action claims
Home Capital and executives to pay more than C$30 million

Home Capital Group Inc. and three former executives agreed to pay more than C$30 million ($23 million) to reach settlements with regulators and investors over allegations the Canadian lender misled shareholders about mortgage fraud.

Home Capital and the executives will pay C$12 million and cover C$500,000 in costs to the Ontario Securities Commission, the Toronto-based lender said in a statement after market hours Wednesday. The firm is also making a C$29.5 million payment to settle a class-action lawsuit filed after the shares plunged, which includes C$11 million paid in the proposed OSC deal, according to the statement…

Home Capital Settles with OSC Over Fraudulent Mortgages

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