BMO Sues Top Mortgage Specialist
I read this article this morning on Canadian Mortgage Trends and I was surprised by it. It is not a common occurrence that a Bank is going after one of their own. I am really glad that I am required to carry errors and omission insurance with my license since the mortgage specialist in this article is not, they are governed by the bank act and not the Financial Institution Commission of BC.
June 01, 2009
BMO Sues Top Mortgage Specialist
BMO mortgage specialist, Josephine Tortora, earned a reported $100,000 a month…until she got fired in late 2008.
This is according to The Vancouver Province newspaper.
BMO reportedly fired Tortora for conspiring with her branch manager, Shenaz Poonja, to extract unwarranted commissions from the bank.
The lawsuit also claims Tortora and her manager facilitated mortgages based on over-inflated appraisals.
Tortora and Poonja both deny the claims. Tortora called the suit “untrue, misleading and inflammatory, high-handed, reprehensible and malicious in nature,” while Poonja’s lawyer charged BMO with “lax” lending practices.
None of these claims have been proven. A court hearing is set for October 2010.
If you’re a bank PR manager, you’ve got to love it when stuff like this gets out. As intriguing as this tale is, however, it’s equally interesting to hear that BMO mortgage specialists can make near 7 figures. Maybe this story will help their recruitment efforts.
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