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BCFSA Issues Significant Penalty to Mortgage Broker for Not Cooperating During an Investigation
BC Financial Services Authority (“BCFSA”) has ordered Kambiz Parvizi to pay a $50,000 administrative penalty and $1,500 in investigative costs for failing to cooperate during an investigation.
Parvizi, formerly a registered submortgage broker, failed to comply with a summons issued by the Registrar of Mortgage Brokers when he walked out on an interview with the Office of the Registrar that took place on December 13, 2018.
“It is a privilege to be a registered mortgage broker in B.C. and Parvizi’s unwillingness to participate in BCFSA’s investigation by refusing to answer questions is unacceptable and goes against the standards we uphold,” said Jon Vandall, BCFSA’s Vice President, Compliance and Enforcement. “Enforcing against misconduct is integral to BCFSA’s public protection approach and the penalty issued to Parvizi reflects this commitment.”
Parvizi was a registered submortgage broker from 2010 to 2018, however he never brokered any mortgage transactions or submitted any mortgage applications to a lender. During that time, Parvizi applied for a mortgage as a borrower for two separate properties in Coquitlam with the assistance of two different registered submortgage brokers.
As part of an investigation into the activities of these registered submortgage brokers, it was discovered that certain information and income tax documents submitted by the brokers on Parvizi’s behalf were not genuine. Parvizi was being interviewed as a witness when he unilaterally left the interview before it had concluded.
BCFSA reminds all registered mortgage brokers and real estate licensees that they have a duty to cooperate during an investigation and that ignoring questions from their regulator can result in disciplinary action.
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).
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