The “Trust Account Halo” Can Backfire: Private Lending Lessons from Law Society of BC v. Soon
Private mortgage deals often move fast, rely on relationships, and lean on professionals to make transactions feel safe. A recent Law Society of British Columbia discipline decision is a reminder that comfort and credibility are not substitutes for controls—especially when a lawyer is involved in moving funds and documenting transactions. In Law Society of BC […]
Mortgage Suitability Case Note: “Gift-as-Loan” Structuring, High-Cost Second Mortgages, and Missing Brokerage Oversight (Ontario FSRA Settlement)
What this case is about Ontario’s regulator (FSRA) settled an enforcement matter involving a licensed mortgage broker, his supervised agent, and a related lending company used to advance funds. The file raises classic mortgage suitability concerns: a borrower transaction was completed using paperwork describing funds as a non-repayable gift when the funds were actually a […]