FSRA imposes enforcement measures against Canada Mortgage Group Inc., Raaj Vikash (Roger) Kalwaney, and Preeti Amin

TORONTO, Nov. 20, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has imposed a compliance order and administrative penalties on Canada Mortgage Group Inc. (Canada Mortgage Group) in the amount of $45,000 and its principal broker Raaj Vikash (Roger) Kalwaney (Kalwaney) in the amount of $10,000, and has imposed administrative penalties on Preeti Amin (Amin) in the amount of $10,000. FSRA has also imposed licence conditions on Canada Mortgage Group.

Canada Mortgage Group contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act) and its regulations by:

1. Failing to take reasonable steps to ensure that the mortgages presented through Amin, to two borrower clients were suitable for them, contrary to subsection 24(1) of Ontario Regulation 188/08.
2. Failing to adequately disclose, in writing, all the material risks associated with mortgages arranged for two borrower clients, contrary to subsection 25(1) of Ontario Regulation 188/08.
3. Failing to adequately disclose in writing conflicts of interest to their borrower clients contrary to subsection 27(1) of Ontario Regulation 188/08.

Amin contravened section 3 of Ontario Regulation 187/08 by causing the above contraventions by Canada Mortgage Group. Kalwaney failed to take reasonable steps to ensure that the Canada Mortgage Group and Amin complied with the requirements under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07.

FSRA imposed these measures as a result of a settlement with Amin, Canada Mortgage Group and Kalwaney.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario