A national mortgage and leasing company is moving to distance itself from a Nackawic man facing fraud charges.

Ealier this week we told you the provincial securities commission had laid charges against William Priest-Phillips and his company Priest Phillips Management Corporation.

In that story we mentioned the accused also operated a business in Frederiction under the Dominion Lending Centre Banner.

Veronica Love-Alexander the DLC's Vice President of Network Development issued a statement saying the company cut all ties with Priest-Phillips on April 19th.

Love-Alexander says the mortgage broker was terminated after the company had been notified of allegations against him.

She says the company has zero tolerance for any illegal or fraudulent activity and reacts accordingly upon any allegations towards franchises or their agents.

Priest-Phillips is due in a Fredericton courtroom, on Thursday, July 12,  to enter pleas on charges of fraud over five-thousand dollars and uttering forged documents.