British Columbia Financial Services Authority orders mortgage broker Siavash Ahmadi to pay CAD 35,000 for failing to report misleading mortgage applications

The British Columbia Financial Services Authority (BCFSA) issued a consent order requiring registered submortgage broker Siavash Ahmadi to pay a CAD 35,000 administrative penalty for failing to report inaccurate and misleading information in mortgage applications submitted using his Filogix account, and for accepting client financial documents without sufficient steps to verify their accuracy or authenticity. BCFSA found that, while Ahmadi was travelling in March 2020, a mortgage application for a client he had declined was submitted via his Filogix account by Ksenia Ivanova, containing inaccurate information and documentation intended to present a more favourable financial picture to lenders. After returning, Ahmadi discovered the application had been submitted and approved but did not cancel it or inform the lender of the inaccuracies. BCFSA also found that between January 2020 and January 2021, Ivanova undertook activities on Ahmadi’s behalf and that Ahmadi accepted third-party financial documentation without meeting clients directly for at least eight mortgage applications, where documents included altered income tax statements and misleading information about borrowers’ incomes. In addition to the administrative penalty, Ahmadi must pay CAD 3,500 for enforcement expenses. BCFSA noted it had previously ordered Ivanova to pay a CAD 35,000 administrative penalty for her role in submitting misleading and inaccurate mortgage applications, and that the maximum available penalty for individual mortgage brokers under the Mortgage Brokers Act is CAD 50,000.