Unlicenced B.C. mortgage broker issued cease and desist demand
A B.C. mortgage broker who kept working after losing his licence has been issued a cease and desist order.
According to the B.C. Financial Services Authority, mortgage broker Styles William Stewart lost his mortgage broker licence in December 2021 after he was fired from an unnamed brokerage where he had worked since 2008.
However, the B.C. Financial Services Authority says Stewart continued to work as a mortgage broker with his company First Expanse Financial Corp.
The Feb. 2 cease and desist order says Stewart continued to work as a mortgage broker and used First Expanse letterheads while he was under investigation by the regulator.
The regulator also says Stewart hasn't cooperated with the B.C. Financial Services Authority's investigation and hasn't responded to a summons for documents.
The order states that Stewart was fired from an unnamed brokerage where he worked for 13 years for "regulatory breaches" and "secret commissions."
Afterwards, while working as an unlicensed broker, a client questioned why he didn't show up in the B.C. Financial Services Authority's website and Stewart said it was a "glitch" in their system.
The decision does not say where in B.C. Stewart was working or how much commission he made while unlicensed.
The Facebook page for First Expanse Financial Corp. appears to have been taken down.
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The B.C. Financial Services Authority says Stewart's conduct presents a "real risk to the public."
The regulator says it's not going to wait for Stewart to respond before issuing the cease and desist order.
"Mr. Stewart has not complied fully with the B.C. Financial Services Authority's investigations, and has in fact continued to arrange mortgages while not being registered to do so and while the subject to that investigation, as well as the fact that the investigation into this matter is likely to take a further number of months before the B.C. Financial Services Authority would be ready to bring this matter to a hearing," the order reads. "I consider it would be prejudicial to the public interest to wait to provide Mr. Stewart an opportunity to be heard prior to issuing an order."
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