The British Columbia Financial Services Authority (BCFSA) issued five consent orders to individuals who committed professional misconduct by engaging in business with an unregistered mortgage broker named Jay Kanth Chaudhary.
BFCSA conducted a multi-year investigation into the activities of Chaudhary’s efforts to facilitate noncompliant mortgage broker activity in British Columbia. BCFSA issued Chaudhary with an urgent cease and desist order in 2019.
Four real estate licensees and one mortgage broker recently entered into consent orders with disciplinary action regarding their involvement with Chaudhary. They include:
- Afsaneh Zarshenas was ordered to pay a $50,000 disciplinary penalty, plus enforcement expenses, and, at their own expense, must register for and successfully complete a remedial education course before becoming licensed again;
- Molenia Golshani’s license was cancelled and was ordered to pay a $75,000 discipline penalty, plus enforcement expenses;
- Homayoun (Sam) Harji Karimloo’s license was cancelled and was ordered to pay a $75,000 discipline penalty, plus enforcement expenses;
- Sayna Sadat Mirzadeh’s license was cancelled and must pay enforcement expenses; and
- Shane Ballard is currently unregistered and is not eligible to become registered as either a mortgage broker or submortgage broker – he has been ordered to pay a discipline penalty of $50,000, plus enforcement expenses.
