f^".british COLUMBIA IN THE MATTER OF THE MORTGAGE BROKERS ACT, RSBC 1996, c. 313 as amended -AND- IN THE MATTER OF PREM LATA DEVI SINGH

Transcription

1 f^".british COLUMBIA IN THE MATTER OF THE MORTGAGE BROKERS ACT, RSBC 1996, c. 313 as amended -AND- IN THE MATTER OF PREM LATA DEVI SINGH (Pursuant to section 8 including 8(1.2) of the Mortgage Brokers Act) NOTICE OF HEARING NOTICES OF HEARING issued by the Registrar of Mortgage Brokers include allegations that will be considered at a hearing. The allegations contained in a Notice of Hearing are unproven until the Registrar of Mortgage Brokers, or their appointee, has determined their validity. To: PREM LATA DEVI SINGH PREM LATA DEVI SINGH TAKE NOTICE that the Registrar of Mortgage Brokers ("Registrar") will hold a hearing pursuant to section 8 of the Mortgage Brokers Act ("MBA"), including section 8(1.2) at the offices of the Registrar, located at the Financial Institutions Commission at West Hastings Street in Vancouver, British Columbia to provide you with an opportunity to be heard prior to the Registrar making any order under the MBA should it be determined that your conduct contravened the MBA, or regulations made under the MBA ("Regulations"). The hearing will commence at a date to be determined by the parties, and if no agreement is reached within one month of the date of this notice, the hearing date will be determined by the Registrar. AND TAKE NOTICE that the allegations against you are as follows: Registrar of Mortgage Brokers West Hastings Vancouver, BC V6B 4N6 Telephone: Facsimile:

2 1. In your capacity as a submortgage broker, you conducted business in a manner that is prejudicial to the public interest contrary to section 8(l)(i) of the MBA by facilitating the unregistered mortgage broker activities ofvinita Lal ("VL"), by carrying out one or more of the following: a. Permitting VL to direct the course of mortgage applications, including taking instructions from VL to input information on mortgage applications including employment and income information and other personal information; b. Accepting and submitting to lenders, personal information, employment information and supporting documents, Canada Revenue Agency Notices of Assessment and Tl General Income Tax Returns ("CRA Documents") and other banking documents from VL without verifying their accuracy or authenticity; c. The above activities were carried out for one or more of the following borrowers and their respective mortgage applications: i., in respect of Filogix file ii. iii. ; iv. v. D ; vi. in respect of Filogix file vii. ; viii. D ix. x. D xi. xii. and xiii. D. 2. In your capacity as a submortgage broker, you conducted business in a manner that is prejudicial to the public interest contrary to section 8(l)(i) of the MBA by: a. Submitting the following misleading information, including altered CRA Documents, to MCAP in support of the income of borrower, when you knew or ought to have known that the information was misleading and did not represent the true income of i. Filogix mortgage application tates that was a self-employed with an average annual income of over the years 2010 and 2011; ii Notice of Assessment indicating s total income to be ; and iii Notice of Assessment and Tl General Income Tax Return indicating total income to be

3 which you knew or ought to have known to be false as s 2011 true net income was b. Submitting the following misleading information, including altered CRA Documents, to Scotiabank in support of the income of borrower when you knew or ought to have known that the information was misleading and did not represent the true income of : i. Filogix mortgage application tates that was a self-employed f with an average annual income of over the years 2010 and 2011; ii Notice of Assessment and TI General Income Tax Return for indicating a total income of iii Notice of Assessment and Tl General Income Tax Return for indicating a total income of CRA Documents show his total income for 2010 to be $ and his total income for 2011 to be c. Submitting the following misleading information, including CRA Documents, to Scotiabank in support of the income of borrower, when you knew or ought to have known that the information was misleading and did not represent the true income of i. Filogix mortgage application tates that was self- employed in the with an average annual income of over the years 2010 and 2011; ii Notice of Assessment and Tl General Income Tax Return stating total income for 2010 to be hi Notice of Assessment and Tl General Income Tax Return stating total income for 2011 to be 2011 Notice of Assessment shows his total income for to be d. Submitting the following misleading information, including altered CRA Documents, to TD Canada Tmst in support of the income of borrower O when you knew or ought to have known that the information was misleading and did not represent the true income of i. Filogix mortgage application D tating that O was self- employed in the ndustry with an average annual income of ii Notice of Assessment and Tl General Income Tax Return stating total income for 2010 to be $ iii Notice of Assessment and Tl General Income Tax Return stating total income for 2011 to be $

4 Notice of Assessment for 2010 shows a total income of, which was provided to a colleague in the same brokerage. In addition, the employment information provided to your colleague varies significantly from that which you submitted to TD Canada Trust. e. Submitting the following misleading information, including altered CRA Documents, to TD Canada Trust in support of the income of borrower, when you knew or ought to have known that the information was misleading and did not represent the true income of i. Filogix mortgage application D ating that was self-employed as a c with an average annual income of h Notice of Assessment and Tl General Income Tax Return stating total income for 2010 to be iii Notice of Assessment and Tl General Income Tax Return stating total income for 2011 to be Notice of Assessment for 2011 shows a total income of f. Submitting the following misleading information, including altered CRA Documents, to MCAP in support of the income of borrower, when you knew or ought to have known that the information was misleading and did not represent the true income of i. Filogix mortgage application D tating that was self-employed as a with an average annual income of ; ii Notice of Assessment and Tl General Income Tax Return stating total income for 2010 to be iii Notice of Assessment and Tl General Income Tax Return stating total income for 2011 to be which you knew or ought to have known to be false as T income for 2010 was. true net g. Submitting the following misleading information, including altered CRA Documents, to B2B Bank in support of the income of borrower, when you knew or ought to have known that the information was misleading and did not represent the tme income off i. Filogix mortgage application D tating that F was self-employed as a c with an average annual income of$ ii Notice of Assessment and Tl General Income Tax Return stating total income for 2012 to be

5 iii Notice of Assessment and Tl General Income Tax Return stating total income for 2013 to be which you knew or ought to have known to be false as true net income for 2013 was. h. Submitting the following misleading information, including altered CRA, to MCAP in support of the income of borrower when you knew or ought to have known that the information was misleading and did not represent the true income of i. Filogix mortgage application stating that was self-employed as a r with an average annual income of ii Notice of Assessment and Tl General Income Tax Return stating total income for 2012 to be iii Notice of Assessment and Tl General Income Tax Return stating total income for 2013 to be Notice of Assessment for 2012 shows a total income of $ nd his genuine Notice of Assessment for 2013 shows a total income of $ i. Submitting the following misleading information, to MCAP in support of the income of borrower, when you knew or ought to have known that the information was misleading and did not represent the true income of : i. Filogix mortgage application D stating that was self-employed as a with an average annual income of ; ii. Stated to the lender that total income for 2010 to be iii. Stated to the lender that total income for 2011 to be ; Notice of Assessment for 2010 shows a total income of and her 2011 Notice of Assessment shows a total income of 3. In your capacity as a submortgage broker, you conducted business in a manner that is prejudicial to the public interest contrary to section 8(l)(i) of the MBA by failing to take sufficient or any steps to verify the accuracy of income information which you submitted to lenders in the following additional 51 mortgage applications: a. respect of Filogix file D b. n respect offilogix file D c. respect offilogix file D d. n respect offilogix file D e. in respect of Filogix file D

6 f. respect of Filoglx file D g. in respect offilogix file D ; h. n respect offilogix file i. respect offilogix file D j. respect offilogix file D k. in respect offilogix file D 1. in respect offuogix file D m. in respect offilogix file D n. n respect offilogix file D o. in respect offilogix file D p. respect offilogix file D q. respect offilogix file D r. respect offuogix file D s. respect offilogix file D t. respect offuogix file D u. respect offilogix file D v. n respect offilogix file D w. n respect offilogix file D x. respect offilogix file D y. respect of Filogix file D z. Thi respect of Filogix file D aa. in respect offilogix file D bb. in respect offuogix file D ec. in respect offilogix file D dd. in respect offilogix file D ee. in respect offuogix file D ff. respect offilogix file D gg. in respect offilogix file D hh. D ii. n respect offilogix file D jj. An n respect offilogix file D ; kk. in respect of Filogix file D 11. in respect offilogix file D mm. D nn. in respect offilogix file D oo. respect of Filogix file D pp. in respect offuogix file D qq. in respect offilogix file rr. in respect offilogix file ss. in respect offuogix file D tt. n respect of FUogix file uu. in respect of Filogix file D w. n respect offilogix file D ww. xx. in respect offilogix file D and, yy. in respect offilogix file D

7 AND TAKE FURTHER NOTICE that the Registrar will determine if you would be disentitled to registration if you were an applicant under section 4 of the MBA, pursuant to section 8(l)(e) of the MBA. AND TAKE FURTHER NOTICE that in the event the Registrar determines that any of your conduct, as set out above, contravened the MBA and/or the Regulations, the Registrar may make any of the orders set out in section 8 of the MBA, including but not limited to, the remedies permitted pursuant to sections 8(1), 8(1.1), 8(1.2), 8(1.4) and 8(2) of the MBA. In addition, the Registrar may make an order against you for payment of the investigation and costs of the hearing, pursuant to section 6(9) of the MBA, and may make any further orders under the MBA as deemed appropriate by the Registrar. AND TAKE FURTHER NOTICE that in the event of your non-attendance at the hearing the Registrar may proceed with the hearing in your absence. The Registrar may hear evidence and make findings regarding your conduct and may make orders described above, all without further notice to you. AND TAKE FURTHER NOTICE that you are entitled, at your own expense, to be represented by legal counsel at the hearing and you and your counsel will have the full right to cross-examine all witnesses called and to call evidence in your defence and reply in answer to the allegations. Issued at the City of Vancouver, BC this <- / day of September 2018 Registrar of Mortgage Brokers Per: Chris Carte Acting Registrar of Mortgage Brokers Province of British Columbia