BC Financial Services Authority has issued CAD 75,000 in administrative penalties against Fine Investment Inc., doing business as Nick Financial Investment, for contraventions of the Financial Institutions Act related to unauthorized deposit-taking and failure to comply with a formal undertaking. The regulator determined the firm carried on deposit business without authorization by soliciting and receiving deposits from consumers in British Columbia and promising returns after specified periods, contrary to section 81(1) of the Act. It also found the firm failed to comply with an undertaking provided to the Superintendent under section 208 following an October 2025 investigation and consumer alert, under which the company and its sole director, Ali Nikfarjam, undertook to return all deposits received and cease taking new deposits. The penalties comprise CAD 50,000 for unauthorized deposit-taking, the maximum allowable under the Act, and CAD 25,000 for breaching the undertaking; the firm did not dispute or appeal within the 14-day period.
British Columbia Financial Services Authority 2026-02-23
BC Financial Services Authority imposes CAD 75,000 penalties on Nick Financial for unauthorized deposit-taking and breach of undertaking
The British Columbia Financial Services Authority fined Fine Investment Inc., operating as Nick Financial Investment, CAD 75,000 for unauthorized deposit-taking and non-compliance with a formal undertaking under the Financial Institutions Act. The firm solicited deposits without authorization and failed to return or cease new ones as promised. The penalties include CAD 50,000 for unauthorized activities and CAD 25,000 for breaching the undertaking, with no dispute or appeal filed.