The BC Financial Services Authority (BCFSA) is currently proceeding with at least 18 hearings against real estate agents and sub-mortgage brokers, alleging they worked with an unregistered broker and, in some cases, applied to lenders with fraudulent income documents, sometimes on their own behalf.
At least two cases had gone to a hearing as of press time. Those cases revealed that the respondents had conducted business with former sub-mortgage broker Jay Kanth Chaudhary, who, between 2009 and 2018, allegedly arranged over half a billion dollars in mortgage loans with lenders based on falsified income records as an unregistered, so-called “shadow” broker.
Last July, a BCFSA tribunal panel found realtor
→ Continue reading at BIV