British Columbia issues permanent ban against corrupt broker

British Columbia issues permanent ban against corrupt broker

British Columbia issues permanent ban against corrupt broker

British Columbia has slapped a lifetime ban on “shadow broker” Ricky Kanwal, who has admitted to submitting falsified income and tax documents.

Previously named in connection with last year’s investigation into Vinita Devi Lal, Kanwal has confessed to transacting with two unlicensed middlemen who have clients that would never qualify for loans otherwise, CBC News reported.

The dealings with the two shadow brokers were associated with 41 mortgage applications submitted from November 2015 to December 2016, all from just 17 borrowers.

Documents submitted with the applications “were found not to be genuine, and employment and income information were found to be inaccurate,” court records said.

Kanwal’s case is proof of the BC Financial Services Authority’s resolve to clamp down on these illicit dealings, according to Chris Carter, deputy registrar of mortgage brokers.

“It is in many ways the ultimate regulatory sanction,” Carter said. “When it comes to facilitating unregistered activity, at the end of the day, you’re undermining the integrity of the regulatory program, you’re undermining the integrity of industry, and you’re placing the public at risk.”