Acrylic Financial

Harold Gerstel, a former mortgage broker, and his wife have been fined a total of $210,000 by the Financial Services Regulatory Authority of Ontario for allegedly running a mortgage scheme that exploited a loophole, causing significant economic and psychological harm to clients. Gerstel plans to appeal the ruling, claiming that his clients were well-informed and that their agreements were consensual. The case involved high-interest loans and unlicensed lending practices, which left clients without regulatory protections.

Harold Gerstel, a former mortgage broker, and his wife have been fined a total of $210,000 by the Financial Services Regulatory Authority of Ontario for allegedly running a mortgage scheme that exploited a loophole, causing significant economic and psychological harm to clients. Gerstel plans to appeal the ruling, claiming that his clients were well-informed and that their agreements were consensual. The case involved high-interest loans and unlicensed lending practices, which left clients without regulatory protections.