Equity Refinance Mortgage Loans Canada - Equity Mortgage Loans Canada - Second Mortgage Loans Canada
Mortgage Loans Canada, Mortgage Refinance Canada, Equity Mortgage Loans CanadaOnline Mortgage Application Form Instant Mortgage Approval 1-866-573-3122 24 HOUR CUSTOMER SERVICEEQUITY REFINANCE MORTGAGE LOANS CANADA BLOGMortgage Canada Buying and selling a home cheat sheetMortgage Canada Words To Know When Buying A HomeImportant Mortgage Websites linksMortgage Canada Basics - Mortgage Canada GuideMortgage Canada CMHC Newcomers to Canada Buying your First HomeMortgage Canada CMHC Home Buying Step By StepMortgage Canada CMHC Condominium Buyers GuideMortgage Canada Compare all Canadian Credit CardsHow Credit Effects Your Canadian MortgageMortgage Canada CMHC Housing Market Outlook Canada Edition Page 1Mortgage Calculator - Mortgage calculators allow you to make informed mortgage decisions
Equity Refinance Mortgage Loans Canada, Home Equity Unlocking, 1st & 2nd Mortgages, Your Mortgage Experts. My right Mortgage, INSTANT APPROVAL 24/7 CUSTOMER SERVICE FAST MORTGAGE PAYOUTS IN CANADA HIGHEST MORTGAGE APPROVAL RATE IN CANADA 1-866-573-3122

HOME BUYING, BUYING YOUR FIRST HOME & INFORMATION FOR SEASONED HOMEBUYERS
FINANCIAL CONSUMER AGENCY OF CANADA
CANADIAN ECONOMY NEWS
MORTGAGE BROKER NEWS
October, 2015
November, 2015
December, 2015
January, 2016

Titan Equity Group placed in receivership

Titan Equity Group and its CEO, Lance Kotton, are under investigation by the Ontario Securities Commission for allegedly misappropriating investor funds. No charges have in fact been made or those allegations yet proven in court.
 
The OSC alleges that Kotton used investor’s funds to purchase a home, luxury cars, and pay himself “excessive” management fees. by |

 
 

Titan Equity Group placed in receivership

 
Titan Equity Group and its CEO, Lance Kotton, are under investigation by the Ontario Securities Commission for allegedly misappropriating investor funds. No charges have in fact been made or those allegations yet proven in court.
 
The OSC alleges that Kotton used investor’s funds to purchase a home, luxury cars, and pay himself “excessive” management fees.
 
An Ontario Superior Court of Justice placed Titan in receivership at the behest of the OSC on November 16.
 
Kotton has a profile page as a broker, but it is unclear if he still practices. A FSCO web search returned no results for a license. He could not immediately be reached for comment.
 
An OSC-issued temporary cease-trade order against Titan and its CEO has been extended to December 17.
 
There are allegations of personal enrichment. There are excessive management fees of more than a million dollars,” The OSC alleges in a court filing. “A court-ordered Inspector discovered payments over a million dollars towards personal credit cards and vehicle expenses of $600,000 in an 18month period.
 
“There are no audited statements for 2014, no 2015 interim internal statements, and no corporate tax returns for any fiscal years.”
 
According to court documents, Titan has raised $30.7 million from 335 different investors since 2011.
 
The OSC alleges Titan engaged in unregistered trading; illegal distributions; misappropriation of investor funds; and giving misleading statements to investigators. Again, no charges have yet been laid.
 
Kotton contacted the Star to share his side of the story.
 
“They’ve taken my office. They sent a receiver to itemize every item in my home,” he told the publication. “They’re trying to liquidate everything before I have a (chance) to prove myself.”

 

 
  • Ron Butler on 2015-11-27 12:31:38 PM

    There will be more of these. The public's search for yield and the incredible growth of private, MICC or Syndicated mortgage financing of development and/or construction properties in Ontario will someday have a reckoning.

    While many mortgage brokers are almost flawless in their due diligence and rigor in choosing projects to offer mortgage investors others are aggressive in a way that has to be called reckless and self-serving.

    Although this was a OSC prosecution based on limited dealer offerings there were mortgages involved in the investor presentations.

    Stay tuned.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

 

Name (required)
   
Comment (required)
   
 
   
   
  By submitting, I agree to the Terms & Conditions
 
 
 
 
<< Back Add New Comment
0 items total
Add New Comment
Name*
Subject*
Comment*
Please type the confirmation code you see on the image*
Reload image

Powered by 4GoodHosting