FSRA initiates enforcement against Upanshuman Pandey, Expert Financial Corporation and Varinder Singh Virk, and imposes enforcement measures against Nasir Syed Zaidi Hussain

TORONTO, Oct. 17, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Nasir Syed Zaidi Hussain ("Hussain"), Upanshuman Pandey ("Pandey"), Expert Financial Corporation ("Expert Financial") and Varinder Singh Virk ("Virk").

Hussain did not request a hearing regarding the proposal, and a Compliance Order and administrative penalties totalling $100,000 have been imposed on Hussain.

Hussain, who has never been licensed by FSRA:

• Dealt in mortgages without a licence in 9 instances contrary to section 2 of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act); and
• Described himself as a mortgage broker or agent while not licensed contrary to section 11 of the Act.

Pandey, Expert Financial and Virk have requested hearings before the Financial Services Tribunal about the proposal. Pandey is a Mortgage Broker and the Principal Broker of Expert Financial. FSRA seeks to revoke the licences of Pandey and Expert Financial. Virk was a Mortgage Agent but is not currently licensed under the Act.

FSRA is also proposing to impose administrative penalties in the total amount of $40,000 on Pandey, $45,000 on Expert Financial and $5,000 on Virk.

FSRA alleges that Pandey:

• Facilitated dishonesty fraud, crime or illegal conduct, contrary to section 3.1 of O. Reg. 187/08;
• Failed to verify the identities of borrowers, contrary to sections 3 of O. Reg. 187/08 and 10 of O. Reg. 188/08;
• Failed to ensure the brokerage met its record keeping obligations, thus contravening section 2(1) of O. Reg. 410/07, and
• Provided false or misleading information to FSRA on Annual Information Returns with respect to the brokerage's referrals and complaints contrary to section 45 of the Act.

Expert Financial is alleged to have failed to maintain complete and accurate records from a borrower, contrary to O. Reg. 188/08, and to have facilitated dishonesty, fraud, crime or illegal conduct contrary to section 14.2 of O. Reg. 188/08.

Virk is alleged to have facilitated Hussain's dishonesty, fraud, crime or illegal conduct contrary to section 3.1 of O. Reg. 187/08.

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