BCFSA penalizes Siavash Ahmadi for failing to report falsified applications submitted through his Filogix account
A former British Columbia mortgage broker who failed to act on fraudulent mortgage applications submitted using his credentials has agreed to pay a $35,000 penalty to the province’s financial regulator.
The British Columbia Financial Services Authority (BCFSA) found that Siavash Ahmadi, a registered submortgage broker at the time, breached professional obligations when he allowed another individual to access his Filogix account, an industry-standard platform for submitting mortgage deals, and later failed to report a mortgage application riddled with inaccuracies.
In March 2020, Ahmadi met with a mortgage client but determined they were ineligible and chose not to proceed with submitting a loan application. However, while travelling internationally soon afterward, a mortgage application was submitted using Ahmadi’s Filogix credentials by Ksenia Ivanova, his partner at the time.
According to the BCFSA, the application included “inaccurate documentation and misleading information” designed to portray the borrower’s financial situation more favorably to increase the chances of approval. Though Ahmadi acknowledged the submission upon returning to Canada, he did not notify the lender or attempt to cancel the application.
Between January 2020 and January 2021, Ahmadi reportedly struggled with health issues and was unable to conduct his business independently. During this time, Ivanova took on an increasingly active role, handling client financial documents and interacting with third parties on Ahmadi’s behalf.
The regulator found that for at least eight mortgage applications, Ahmadi accepted documentation without meeting clients directly. The documents included falsified income tax statements and other misleading financial details.
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“Ahmadi’s failure to report the inaccuracies in the mortgage applications, and his acceptance of financial documents without sufficient verification, compromised the integrity of the mortgage lending process,” BCFSA said.
As a result, Ahmadi agreed to pay a $35,000 administrative penalty and $3,500 in enforcement costs. The regulator emphasized that the maximum penalty under the Mortgage Brokers Act for an individual is $50,000.
Ivanova was previously fined $35,000 for her role in the same series of misleading mortgage applications.
“BCFSA is committed to ensuring integrity in the mortgage services industry and will not hesitate to take action against those who compromise the public interest,” Jon Vandall, BCFSA’s senior vice president of compliance and enforcement, said in a statement. “The substantial administrative penalty of $35,000 reflects the severity of Ahmadi’s actions and serves as a clear message that such misconduct will not be tolerated.”
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