Ontario regulator cracks down
Renewed focus on brokerage oversight and disclosure
The Financial Services Regulatory Authority of Ontario (FSRA) imposed $20,000 in administrative penalties on former mortgage agent Shan Jamal after finding he arranged multiple mortgage deals outside his brokerage and took fees directly from borrowers.
He then received a total of $61,550 in fees directly or through a corporation he controlled. Shan Jamal, was formerly licensed as a Mortgage Agent Level 2 with Aimacon International Inc.
FSRA said Jamal met with borrowers, gathered financial information, identified lenders, prepared applications and submitted those to lenders – all outside Aimacon’s oversight.
He also violated several subsections of Ontario Regulations.
FSRA determined the conduct was intentional and repeated, noting Jamal admitted he took fees outside the brokerage to pay down personal debt and routed many payments through other entities to avoid detection.
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