February 2, 2018 / 2:27 PM / a year ago

Ontario regulator revokes mortgage broker BDMC license after probe

TORONTO, Feb 2 (Reuters) - Ontario’s financial regulator said on Friday it has revoked the license of mortgage brokerage BDMC and Vince Petrozza, a co-founder of Fortress Real Developments, following an investigation into syndicated mortgage investments.

In a special report published in November, Reuters revealed that the Financial Services Commission of Ontario (FSCO) had been investigating brokers raising funds for projects associated with Fortress since 2011 but had failed to take action despite repeated warnings.

Reporting by Matt Scuffham; Editing by Jeffrey Benkoe

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