TORONTO, July 5, 2024
/CNW/ - Ontario's financial
services regulator, FSRA, has initiated enforcement action
against Masoud Asnafi ("Asnafi"), Rohan De Silva ("De Silva"), Real
Mortgage Associates Inc. ("RMA"), and Approved Mortgage
Brokers Inc. ("AMB").
FSRA is proposing to refuse to renew the mortgage broker licence
issued to Asnafi.
FSRA is also proposing to impose twenty-one (21) administrative
penalties totalling $110,000 on
Asnafi, two (2) administrative penalties totalling $20,000 on De Silva, an administrative penalty of
$20,000 on RMA, and an administrative
penalty of $10,000 on AMB.
FSRA alleges that Asnafi contravened
the Mortgage Brokerages, Lenders and Administrators
Act, 2006, S.O. 2006, c.29, as amended (the Act), and its
regulations by:
- submitting 19 mortgage applications containing altered or
fabricated documents;
- failing to maintain required records; and
- using false, misleading or deceptive information in public
relations materials
FSRA alleges that AMB used a description that might
reasonably lead to the belief that AMB is a mortgage brokerage or
broker. AMB has never been licensed under the Act.
FSRA alleges that RMA did not maintain complete and
accurate records of all documents or written information obtained
from a borrower.
FSRA alleges that De Silva did not take reasonable
steps to ensure RMA complied with the Act, specifically in relation
to record-keeping and Asnafi's submission of mortgage applications
with altered or fabricated documents.
All subjects have requested a hearing before the Financial
Services Tribunal about this proposal.
Learn more:
Access our enforcement database to see how FSRA is
working to protect consumers through its monitoring and enforcement
activities.
For media inquiries:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario