FSRA issues notice of proposal to refuse to renew licence and to impose administrative penalties against Masoud Asnafi, Rohan De Silva, Real Mortgage Associates Inc. and Approved Mortgage Brokers Inc.

TORONTO, July 5, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Masoud Asnafi ("Asnafi"), Rohan De Silva ("De Silva"), Real Mortgage Associates Inc. ("RMA"), and Approved Mortgage Brokers Inc. ("AMB").

FSRA is proposing to refuse to renew the mortgage broker licence issued to Asnafi.

FSRA is also proposing to impose twenty-one (21) administrative penalties totalling $110,000 on Asnafi, two (2) administrative penalties totalling $20,000 on De Silva, an administrative penalty of $20,000 on RMA, and an administrative penalty of $10,000 on AMB.

FSRA alleges that Asnafi contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the Act), and its regulations by:

• submitting 19 mortgage applications containing altered or fabricated documents;
• failing to maintain required records; and
• using false, misleading or deceptive information in public relations materials

FSRA alleges that AMB used a description that might reasonably lead to the belief that AMB is a mortgage brokerage or broker. AMB has never been licensed under the Act.

FSRA alleges that RMA did not maintain complete and accurate records of all documents or written information obtained from a borrower.

FSRA alleges that De Silva did not take reasonable steps to ensure RMA complied with the Act, specifically in relation to record-keeping and Asnafi's submission of mortgage applications with altered or fabricated documents.

All subjects have requested a hearing before the Financial Services Tribunal about this proposal.

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