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BCFSA Issues Cease and Desist Order Against Styles William Stewart and First Expanse Financial Corp.
BC Financial Services Authority (“BCFSA”) has ordered Styles William Stewart and First Expanse Financial Corp. to immediately cease and desist all mortgage broker activity in British Columbia. The urgent order was issued after BCFSA determined the length of time it would take to complete an investigation or hold a hearing would be prejudicial to the public interest.
Stewart is alleged to have arranged mortgages outside his employment with his previous brokerage and continued to do so after his registration expired and his transfer to a new brokerage was pending. Stewart is not currently registered under the Mortgage Brokers Act. His company – First Expanse Financial Corp. – was never registered.
Additionally, Stewart is alleged to have presented a document to a registered submortgage broker, suggesting he and his company — First Expanse Financial Corp. — were registered, when they were not in, in order to arrange a mortgage.
The order will remain in force until BCFSA completes its investigation and makes a determination after a hearing.
BCFSA reminds registered mortgage and submortgage brokers that aiding an individual’s unregistered brokering activities is illegal and may lead to enforcement proceedings. Registered mortgage and submortgage brokers are encouraged to report any dealings they have had with Stewart or First Expanse Financial Corp. to BCFSA at brokerconduct@bcfsa.ca.
Additionally, consumers and registered submortgage brokers can Report a Concern with BCFSA or use our Anonymous Tipline if you are aware of any unregistered brokering activities.
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About BCFSA
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).
Media Contact:
Warren Mirko
Communications Manager, (778) 783-4057, warren.mirko@bcfsa.ca
Visit: www.bcfsa.ca
