Firm fined for failure
Thursday, March 6th 2014, 9:27AM
Contributory mortgage broking firm Prudential Mortgage has been convicted and fined $2,000 for failing to deliver its annual report on time.
The charge laid against Prudential by the FMA, was brought under the Securities Act (Contributory Mortgage) Regulations. The maximum fine is $5,000.
Reporting and disclosure by contributory mortgage brokers, including in annual reports, allows investors and potential investors to understand the details of the broker’s financial position.
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