May 5, 2017 / 11:08 AM / 4 months ago

Home Capital names new board member amid regulatory probe

May 5 (Reuters) - Home Capital Group Inc named Alan Hibben to its board of directors, replacing Gerald Soloway, who has been accused by regulators of making “materially misleading statements” to investors.

Soloway, who was one of the founders of the company, said last month he would step down from the board once a replacement was found.

The Ontario Securities Commission (OSC) in April accused Canada’s biggest non-bank mortgage lender of making “materially misleading statements” to investors and issued allegations against the company’s former chief executives, Soloway and Martin Reid, and current Chief Financial Officer Robert Morton. (Reporting by Arathy S Nair in Bengaluru; Editing by Supriya Kurane)

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