(Corrects syntax in paragraph 3)
April 24 Home Capital Group Inc said
founder and former CEO Gerald Soloway, who has been accused by
regulators of making "materially misleading statements" to
investors, will step down from the board once a replacement is
The Ontario Securities Commission (OSC) on Wednesday accused
Home Capital, Canada's biggest non-bank mortgage lender, of
making "materially misleading statements" to investors.
The regulator issued allegations against the company's
former chief executives, Soloway and Martin Reid, and current
Chief Financial Officer Robert Morton and set a hearing on the
matter for May 4.
Home Capital Group also said on Monday that Morton "will
assume responsibilities for special projects outside the
financial reporting group" after the company files its
Robert Blowes, a former CFO, will assume the role on an
Home Capital Group said on Friday it would defend itself
against allegations by regulators that it withheld information
about fraud by mortgage brokers.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj