TORONTO, May 2, 2025 /CNW/ - Today, the Ontario Superior Court of Justice appointed B. Riley Farber (BRF) as receiver of all assets, undertakings and properties of Sussman Mortgage Funding Inc. (SMFI) and certain related companies. The appointment resulted from FSRA's application under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) and the Court of Justice Act (CJA).
FSRA applied to appoint a receiver in response to allegations of serious wrongdoing and multiple legal proceedings by mortgage investors. A receiver can ensure that SMFI's affairs are managed in the best interests of all of its investors. BRF will report to the Court before June 2, 2025.
SMFI was licensed with FSRA as a mortgage brokerage and mortgage administrator. As of March 31, 2025, SMFI had no licensed brokers, and its brokerage licence was suspended. FSRA has since revoked the mortgage brokerage and administrator licenses of SMFI.
BRF will be establishing a case website, including the materials filed with the court and court orders, for public access at https://brileyfarber.com/engagements/sussman-mortgage-funding-inc/ .
Learn More
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
Links
- Consumer resource: Before Investing in a Syndicated Mortgage
- Industry guidance: Detecting and Preventing Mortgage Fraud
- File a complaint with FSRA
FOR MEDIA INQUIRIES:
Russ Courtney
Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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