B.C. regulator orders stop to unlicensed mortgage broker who secured more than half a billion dollars in mortgages over past decade

An unlicensed mortgage broker accused of forging documents to help secure more than half a billion dollars in mortgages over the past decade is being ordered to stop his business immediately by the provincial regulator.

The order alleged Mr. Chaudhary brokered $511-million in mortgages after he had his licence suspended for forging clients’ tax documents in 2008 and then let his registration lapse. Over the past decade, Mr. Chaudhary – who also did business as Mike Kumar, George DeSouna and Jay Michaels – allegedly worked on 875 mortgages that made him $5.

The registrar wrote in the order that he issued the directive because a comprehensive disciplinary hearing needed for Mr. Chaudhary “could not be realistically scheduled for at least nine months,” which would likely result in more of these mortgages being signed and lenders exposed to further risk.

That's called a loan shark not an 'unlicensed mortgage broker'

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Not too late to renew your mortgage: key interest rate unchangedThe Bank of Canada is holding its key interest rate steady as its senior officials insist there are more signs the economy's abrupt winter deceleration was short-lived.
Source: CTVNews - 🏆 1. / 99 Read more »

At age 70, Quebec woman saddled with a big mortgage — and a big tax bill if she keeps her jobMarianne wants to keep working, and if she does so she can keep her house, but she might end up working for the tax man
Source: nationalpost - 🏆 10. / 80 Read more »