Winnipeg Free Press
Securities commission alleges multimillion-dollar fraud
Last Modified: 10:38 AM CDT Tuesday, May. 4, 2021 | Updates Save to Read Later
A Winnipeg mortgage brokerage and its owner have had their registrations suspended even before they had a chance to address allegations that they have contravened the Mortgage Brokers Act, an indication of the seriousness with which the Manitoba Securities Commission views the actions.
A Winnipeg mortgage brokerage and its owner have had their registrations suspended even before they had a chance to address allegations that they have contravened the Mortgage Brokers Act, an indication of the seriousness with which the Manitoba Securities Commission views the actions.
A Quispamsis man is facing allegations of unlicensed real estate, mortgage brokering and investment activity by the Financial and Consumer Services Commission.
FCNB is seeking cease and desist orders as well as financial penalties against John Albert McKellar and 668054 N.B. Ltd.
McKellar is accused of coordinating the sale of two Saint John homes and charging two homeowners $3,000 for his services without a licence.
It is also alleged that he solicited thousands of dollars from a senior on a fixed income to invest in a business.
The commission said it began an investigation after a complaint involving McKellar’s activities in a 2016 real estate transaction.