Sussman Mortgage Funding Inc. (SMFI) et al., Receivership

Sussman Mortgage Funding Inc. (SMFI) et al., a mortgage broker and mortgage administrator previously licensed with the Ontario Financial Services Regulatory Authority (FSRA), was placed into receivership on May 2 on application by the FSRA filed in response to allegations of serious wrongdoing and multiple legal proceedings by mortgage investors.

SMFI is alleged to have, among other things, ceased making interest payments to investors, failed to repay investor loans, failed to registered mortgages, and discharged mortgages without notice to investors and without repaying the corresponding loans. FSRA has revoked SMFI’s mortgage brokerage and administrator licenses.

B. Riley Farber is the receiver.

Counsel is Chaitons for the FSRA, Dentons for the receiver, Paul J. Daffern for SMFI, Fogler and TGF for Logpin Investments Limited et al., CP LLP for Jack Tepperman et al., Book Erskine for Stephen Shefsky et al., Rickets Harris for Robert Green Investors, Aird & Berlis for certain investors, HGR Graham for Teresa Vincent et al., Friedman Law for Jeffrey Citron PC et al., Robins Appleby for Ballymore Building (Innisfill) Corporation, Goldman Sloan Nash & Haber for 2114568 Ontario Inc. et al., Clyde & Co as litigation counsel for Sussman Mortgage Funding, Fred Tayar & Associates for certain investors, Loopstra Nixon for certain investors, and Gionet Fairley Wood for Cathy Horne et al.