Registrar issues administrative penalties for unregistered broker

Earlier this week, the Registrar of Mortgage Brokers (Registrar), through his designate, issued a Decision on Penalty and Costs, in the matter of Dennis Percival Rego, Shank Capital Systems Inc., and Arvind Shankar.

By order of the Registrar, Rego and Shankar will each pay the maximum $50,000 administrative penalty, as well as investigation costs of $6,771.50 each along with hearing costs.

This is in connection with a previous Decision on Merits, in which the Registrar found that Rego:

• Submitted documents in support of mortgage applications which he knew or ought to have known were not genuine;
• Submitted an appraisal to a lender in support of a mortgage application that he knew had been rescinded;
• Submitted information in mortgage applications he knew or ought to have known was misleading; and
• Facilitated the unregistered mortgage broker activity of Shankar;

Meanwhile, Shankar was found to have conducted business as a submortgage broker without being registered. The entity Shank Capital Systems Inc. was said to have facilitated Shankar’s unregistered mortgage broker activity.


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