Suspended broker maintains innocence

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A B.C. agent who had his licence suspended for five years after allegedly forging a letter of employment tells MortgageBrokerNews.ca he is innocent of any wrongdoing, although he has no plans to reapply for brokering privileges.

“It was a false allegation,” Shaoaullah Sadeghi told MortgageBrokerNews.ca. “I tried to sell my house (and) the person who was buying my house took the (employment) letter that I gave him and he forged it to be under another company name and applied for a loan again and the Mortgage Broker Act tried to connect all these things together.”

A consent order issued by the province of British Columbia stated that “Mr. Sadeghi conducted himself in a manner that would make him disentitled to registration if he was an applicant under s. 4 of the Act by authoring an employment letter on (redacted) letterhead for (redacted) in support of (redacted)`s application for mortgage financing, knowing that the information contained in the letter was not true.”

Sadeghi was employed by YesPros Mortgages as a submortgage broker, though the mortgage application that has landed him in legal hot water was not processed through YesPros. 

“It wasn’t that any transaction that went through our office,” Soheil Armon, Director of YesPros Mortgages told MortgageBrokerNews.ca. “He was dually licensed as a broker and a Realtor (and) he issued a letter to, I believe, a client that he was buying a property for.

“He hasn’t done any applications since he joined us; that letter was used to get a mortgage but it was not through our office.”

Sadeghi does not plan to reapply under the Mortgage Broker Act once his five year suspension is up. At the time of publication, he was still listed as a broker on YesPros’s company website.

  • Christopher on 2013-09-17 9:55:44 AM

    I remember once being told by a now defunct B lender to make up a gift letter. I wouldn't do it, even though they insisted that they just needed a piece of paper for the file.

    If I suspected a letter confirming employment or down payment supplied by a client was false, I called to verify myself. There isn't really an excuse for such a thing.

  • kac on 2013-09-17 1:02:05 PM

    obviously over stepping the boundaries is wrong for anyone. With the amount of negative publicity regarding mortgage brokers and practices,i recently applied for mortgage financing with a chartered bank and gave full disclosure of properties,assets and liabilities and was asked by the bank rep to offer a rental agreement for a property i disclosed to be a recreational property with no income attached to it,when i asked why i would do so as i knew this income was not required there was silence on the phone,i inquired whether he had sold the mortgage to his boss's this way to make the application look more impressive and as suspected this was the case. I have also found myself outsourcing a lot of mortgages through RBC mortgage specialist's lately for mortgages that lenders through the broker channel have either been unable or in most cases unwilling to go the extra mile to have the applications approved and it is very interesting to see how these bank reps get approvals and consider it creative underwriting and if a licensed broker applies the same technique they are considered a crook.

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