The British Columbia Financial Services Authority (BCFSA) issued five consent orders against individuals it found committed professional misconduct by engaging with unregistered mortgage broker Jay Kanth Chaudhary, following a multi-year investigation into an alleged scheme facilitating noncompliant mortgage broker activity in British Columbia. More than 25 individuals were investigated and 23 have been charged, building on BCFSA’s 2019 urgent cease and desist order against Chaudhary. The consent orders impose disciplinary penalties, licence cancellations, and enforcement-expense orders. Afsaneh Zarshenas was ordered to pay a CAD 50,000 penalty plus enforcement expenses and must complete a remedial education course at their own expense before being licensed again; Molenia Golshani and Homayoun (Sam) Harji Karimloo had their licences cancelled and were ordered to pay CAD 75,000 each plus enforcement expenses; Sayna Sadat Mirzadeh had their licence cancelled and must pay enforcement expenses; and Shane Ballard, currently unregistered, was ordered to pay a CAD 50,000 penalty plus enforcement expenses and is not eligible to become registered as a mortgage broker or submortgage broker. BCFSA also unredacted previously redacted third-party information in its published regulatory actions under its updated administrative process and published a consumer fact sheet encouraging consumers to work with registered mortgage brokers.

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