Government of Saskatchewan ministries, Crown corporations and organizations are working to minimize the impacts of the postal service disruption.
Les ministères, les sociétés d’État et les organismes du gouvernement de la Saskatchewan travaillent à réduire au minimum les répercussions de l’interruption des services postaux.
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Released on August 10, 2010
The Superintendent of Insurance and Financial Institutions issued a decision July 29, 2010 declaring Joseph Siganski of Regina to be unsuitable to be licensed as a mortgage broker in the province of Saskatchewan. The Superintendent is the head of the Financial Institutions Division of the Saskatchewan Financial Services Commission, and is responsible for overseeing the licensing and operations of mortgage brokers.
Joseph Siganski has been carrying on business as a mortgage broker in Regina under the firm name Priority Mortgage, and was previously associated with Priority Mortgage Plus.
The Superintendent received a complaint from a lender respecting Siganski's activities as a mortgage broker on the financing of an apartment building purchase in Saskatoon. Siganski was acting as a co-broker with another mortgage broker, and acted as an intermediary between the lender and the other broker. The complaint alleged that Siganski had intentionally altered and falsified two letters issued by the lender to portray his broker's fee as a charge imposed by the lender as part of the financing arrangements.
Siganski surrendered his mortgage broker's license to the Superintendent once an investigation was in progress. The Superintendent completed the investigation and issued a notice of opportunity to be heard to Siganski, but Siganski did not request a formal hearing. The Superintendent ruled that Siganski had intentionally altered both letters. The altered documents were then passed off to the other broker and the borrowers as legitimate. Siganski later replaced the original first page of the commitment letter before he returned it to the lender. The Superintendent found that this was done in order to prevent the lender from discovering that Siganski had altered it. This was all done with the intention to collect a broker fee totaling 5 per cent of the value of the mortgage.
"Section 15 of The Mortgage Brokers Act gives the Superintendent authority to investigate and inquire into any matter which he deems expedient in relation to mortgage brokers' activities," Financial Institutions Division Lawyer Tamara Harasen said. "The Superintendent determined it was in the public interest to issue a ruling despite Siganski's having surrendered his license. This was particularly important as the investigation disclosed that Siganski had also been operating for a number of months without a broker's license."
The Superintendent will be referring the matter to the Prosecutions Branch of the Ministry of Justice for a determination of whether charges should be laid. The complete decision is available at the Commission website at www.sfsc.gov.sk.ca/financial, located under Regulatory Actions.
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For more information, contact:
Tamara Harasen
Saskatchewan Financial Services Commission
Regina
Phone: 306-798-3390
Email: tamara.harasen@gov.sk.ca
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