The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Mohsen Molsen Hanasavha and Ali Kiani Nejad, proposing to refuse to renew Hanasavha’s mortgage agent licence, impose a compliance order against Nejad, and levy administrative penalties totalling CAD 32,000. FSRA alleges that Hanasavha dealt in mortgages and received remuneration outside his authorizing brokerage, contrary to section 2(3) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and section 4(1) of Ontario Regulation 187/08. Nejad is alleged to have dealt in mortgages without a licence, contrary to section 2(3) of the Act. Proposed administrative penalties are CAD 20,000 for Hanasavha and CAD 12,000 for Nejad. Hanasavha and Nejad have requested hearings before the Financial Services Tribunal regarding the proposals.
Financial Services Regulatory Authority of Ontario 2026-04-22
Financial Services Regulatory Authority of Ontario initiates enforcement action proposing licence renewal refusal and CAD 32,000 in penalties for alleged mortgage dealing breaches
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Mohsen Molsen Hanasavha and Ali Kiani Nejad, proposing to refuse renewal of Hanasavha’s mortgage agent licence, impose a compliance order on Nejad, and levy administrative penalties totalling CAD 32,000. FSRA alleges Hanasavha dealt in mortgages and received remuneration outside his authorizing brokerage, and that Nejad dealt in mortgages without a licence; both individuals have requested hearings before the Financial Services Tribunal.