The mortgage carried a high rate of interest of 10% per month on a two‑month term
The Financial Services Regulatory Authority of Ontario (FSRA) has permanently shut down the mortgage activities of an unlicensed intermediary who helped arrange a high‑cost private loan and used an email address suggesting he worked for a licensed brokerage.
In minutes of settlement released in March, FSRA said “Iftikhar Ahmad Qadeer (‘Qadeer’) has never been licensed in the mortgage sector by the Financial Services Regulatory Authority of Ontario (‘FSRA’) and is not currently licensed.”
The regulator said he “acted as an intermediary, passing mortgage related documents and information between parties representing the borrower and lender” and “introduced the representing parties and attended meetings between them where details of the MJA Mortgage transaction were negotiated in order to facilitate and arrange the transaction.”
Case grew from complaint over costly private mortgage
The case stemmed from a complaint about Ontario broker Rahman Mohammed and a mortgage for consumer MJA, according to the settlement.
FSRA said “Qadeer is a close friend of Mohammed and was involved in securing the MJA Mortgage” and “has referred a number of mortgage deals to Mohammed, usually making between $500 and $1000 per deal.”
Emails and documents for the deal were sent from “mortgagesmadeeasy2016@gmail.com.” FSRA said that address “made it appear that he represented the Ottawa‑Carleton Mortgage Inc. o/a Mortgages Made Easy brokerage … but he has never been licensed as a mortgage agent or broker.”
The mortgage “carried a high rate of interest of 10% per month on a two‑month term and included a consultant fee of 15% of the loan amount” and the borrower defaulted, FSRA said.
Permanent ban and small penalty, but wider warning
By “dealing in mortgages in Ontario for remuneration without a mortgage broker’s or agent’s licence” and by using a description that might lead borrowers to believe he was licensed, Qadeer breached sections 2(3) and 11(6) of the Mortgage Brokerages, Lenders and Administrators Act, 2006, the settlement said.
He agreed to administrative penalties totaling $3,500 and to a permanent compliance order requiring him to “cease and desist from dealing in mortgages in Ontario” and to stop using the “mortgagesmadeeasy2016@gmail.com” address or any description suggesting he is licensed.
FSRA recently also restricted Mohammed’s own business after finding he arranged an expensive private mortgage through an unlicensed referrer and failed to verify identity or suitability.
In January, the regulator pursued former broker Yashna Singh over continued use of restricted titles and unlicensed dealing, securing a $75,000 penalty and a compliance order.
That same month, FSRA proposed sanctions and licence downgrades for London‑area broker and agent duo Rhett Richard (Richard Rhett) McClenaghan and John (Johnny) Chehade in an alleged deceptive mortgage scheme that pushed a family from a low‑rate bank loan into layered, expensive private mortgages.
In February, FSRA suspended agent Chanderkant Jindal for six months over forged insurance applications and imposed strict conditions on his return to the broker channel.
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