BC Financial Services Authority (“BCFSA”) has issued a $45,000 penalty on Shahriar Abedi and a $2,500 investigation cost for submitting false or misleading information to a lender in a mortgage application.
Abedi engaged in misconduct between May 15, 2020, and February 11, 2021, when Abedi was a director and shareholder in the company where the borrower was employed. Abedi submitted false and misleading information to a lender indicating the borrower had obtained a CPA designation with an inflated salary when they had not.
On May 15, 2020, Abedi submitted a mortgage application on behalf of the borrower, indicating that the borrower was employed by the company as an “Office admin/Bookkeeper” with an annual income of $49,920.
- On February 11, 2021, Abedi submitted another mortgage application, stating that the borrower’s salary was increased to $99,000 after obtaining a CPA designation in December 2020. The application included a false letter of employment from the company and a modified paystub indicating that the borrower was an “Accountant” when the original paystub stated they were an “Internal Account Manager.”
“BCFSA takes the integrity of the mortgage industry very seriously and will take action against individuals who fail to act in the public interest,” said Jon Vandall, Senior Vice President of Compliance and Enforcement at BCFSA. “The administrative penalty of $45,000 is significant and underscores the seriousness of Abedi’s actions.”
The maximum available penalty under the Mortgage Brokers Act (“MBA”) is $50,0000.
