The British Columbia Financial Services Authority (BCFSA) issued a consent order requiring Shahriar Abedi to pay an administrative penalty of CAD 45,000 and partial investigation costs of CAD 2,500 for submitting false or misleading information to a lender in mortgage applications. The misconduct occurred between May 15, 2020 and February 11, 2021, when Abedi was a director and shareholder of the company employing the borrower. BCFSA found that Abedi submitted information indicating the borrower had obtained a Chartered Professional Accountant designation, which was used to justify a 100% income increase. A May 15, 2020 application stated the borrower was an “Office admin/Bookkeeper” earning CAD 49,920 annually, while a February 11, 2021 application stated the borrower’s salary had increased to CAD 99,000 after obtaining the designation in December 2020 and included a false letter of employment and a modified paystub. BCFSA noted the maximum available penalty under the Mortgage Brokers Act is CAD 50,000.
2025-03-19British Columbia Financial Services Authority
British Columbia Financial Services Authority orders Shahriar Abedi to pay CAD 47,500 for submitting false or misleading information in mortgage applications
The British Columbia Financial Services Authority (BCFSA) issued a consent order against Shahriar Abedi, imposing a CAD 45,000 penalty and CAD 2,500 in investigation costs for submitting false information in mortgage applications. Abedi misrepresented a borrower's income and professional designation to justify a salary increase. The maximum penalty under the Mortgage Brokers Act is CAD 50,000.