Unlicensed B.C. mortgage broker fined almost $100K
An unlicensed B.C. mortgage broker who ignored a court order and continued working as an unregistered broker for seven years is now on the hook for almost $100,000.
According to a Feb. 2, B.C. Financial Services Authority decision, Dean Frank James Walford was issued a cease and desist order in 2011 but carried on working as a mortgage broker through the company Loan Depot Canada.
"The conduct, in this case, shows complete disregard for the regulatory scheme," the Registrar of Mortgage Brokers said in the decision. "Mr. Walford carried on the business of a mortgage broker and Loan Depot Canada permitted him to do so for several years without either being registered and following the issuance of a Cease and Desist Order."
The decision goes on to say Walford's "complete disregard" of the court order shows his contempt for the regulatory scheme which is in place to protect the public. While working as an unlicensed mortgage broker he processed 114 mortgage applications, and submitted 90 mortgage applications to lenders on behalf of borrowers.
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The decision doesn't say how much money Walford made from being an unlicensed broker only that his remuneration was more than $1,000.
In one instance, Walford submitted a cheque that was not genuine to a potential lender on behalf of a borrower. The dodgy cheque ultimately lost the lender $146,000.
"Mr. Walford has taken no responsibility for his conduct. Other than a last-minute effort to adjourn the hearing, he disregarded the proceedings against him again demonstrating a failure on his part to recognize and acknowledge the seriousness of his actions and the regulatory scheme. There is no evidence before me that Mr. Walford has shown any remorse or engaged in any efforts of reconciliation," the decision reads.
The Registrar of Mortgage Brokers issued Walford the maximum fine of $50,000, plus $48,205 to cover investigation and hearing costs.
Walford was given 30 days to pay the fines.
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