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.
British Columbia Financial Services Authority 2025-03-19
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.