TORONTO, Aug. 28, 2024 /CNW/ - Ontario's financial services regulator, FSRA, is warning consumers that Vatsal Pareshkumar Khamar (also known as Vic Kumar) is not licensed to conduct mortgage business in Ontario.
We urge consumers not to obtain mortgages from or arranged through Khamar. There are potential risks.
Consumers getting a mortgage through individuals or companies not licensed by FSRA are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations which govern Ontario's licensed mortgage brokerages, brokers and agents.
Khamar is reportedly soliciting mortgages by obtaining referrals from consumers' friends and presenting himself as a mortgage broker and/or private lender.
He allegedly requested money from consumers to arrange mortgages. However, the consumers may not have been presented with the final mortgage commitment documents; or were provided with false mortgage commitments that may not reflect their understanding of what was agreed to or the actual charges on the property.
In addition, Khamar requested individuals' personal identification which had been used to fraudulently secure second mortgages on the consumers' primary properties without their knowledge.
Khamar appears to be using the following contact information:
- Phone number: 647-534-1244
- E-mail: [email protected]
If you believe you may have been a victim of fraud involving Khamar, please contact your local police department.
FSRA licenses mortgage brokerages, brokers and agents to safeguard public confidence and trust in Ontario's financial services. Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage or administrator.
Please note that certain financial institutions and their mortgage professionals, such as banks, may be exempt from obtaining a mortgage broker or agent licence.
Learn more:
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness and choice for everyone.
Learn more at www.fsrao.ca
For public inquiries, please email [email protected]
For media inquiries:
Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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