Registrar issues order for suspension, fine for B.C. broker

The Registrar of Mortgage Brokers (Registrar) has recently issued a Decision on Penalty and Costs further to a Decision on Merits issued on October 3, 2017, in the matter of Soheil Arman Kia, who is also known as Soheil Armon Kia.
 
The Decision on Merits has found that Kia submitted mortgage applications concurrently to lenders that failed to disclose to each lender involved the concurrent applications. Kia was also found to have failed to verify income when preparing and submitting mortgage applications to lenders, as well as submitted information in mortgage applications to lenders he knew was inaccurate and misleading.

The Register has ordered that Kia will:

• Be suspended for a period of two years;
• Successfully complete the Mortgage Brokerage in British Columbia course as a condition of future registration;
• Cooperate with any audit and bear the costs for a two year period following registration;
• Not be eligible to be a designated individual for a period of seven years;
• Pay investigation costs of $5,287.50;  and
• Pay the costs of the proceedings.

The order will remain effective pending conclusion of an appeal to the Financial Services Tribunal, the Registrar said.