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April 27, 2023 – 7:00 PM
A B.C. mortgage broker has been fined $50,000 for walking out of an interview during an investigation.
The case dates back to 2018 when mortgage broker Kambiz Parvizi was called to an interview with the regulator regarding a dodgy mortgage application.
According to an April 26 B.C. Financial Services Authority decision, Parvizi had obtained financing to purchase two properties in Coquitlam in 2016 with the help of two other submortgage brokers.
However, some of the paperwork and income tax documents submitted by the submortgage brokers were not genuine.
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The decision says as part of an investigation into the submortgage brokers that submitted Parvizi’s application, he was called in to see the regulator and he handed over documents relating to the purchases of the properties.
However, he didn’t attend a scheduled meeting and then ignored an email.
A couple of weeks later Parvizi went to see the BC Financial Services Authority.
“At some point during the interview, Mr. Parvizi expressed the view that based on the questions that were being asked of him he felt he had become a subject of the investigation although he had been told prior to the interview that he was solely being interviewed as witness,” the decision reads. “He felt significantly pressured and did not feel well mentally as a result and asked to leave and come back another time.”
The decision says the regulator told him he had an obligation to answer the questions asked and there could be consequences if he left before answering all the questions.
It appears he underestimated what those consequences could be and left the meeting early.
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Almost six years later the Financial Services Authority issued him a $50,000 fine plus $1,500 in costs.
The decision says that while Parvizi was a registered mortgage broker from 2010 to 2018 he never actually worked in the field and never submitted a mortgage application.
Parvizi signed a consent agreement admitting to his conduct.
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There is no mention in the decision of whether the brokers that submitted the falsified application were ever penalized for doing so.
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