An ex-mortgage lift from the Montreal region has been banished for life for forging dozens of false documents in order to allow customers to obtain a loan.
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“Junaid Jamshaid clearly participated in fraudulent conduct, which made it possible to commit mortgage fraud,” said the administrative court of financial markets in a decision rendered in July.
The alleged facts date back to spring 2020. At the time, the broker worked for the Nord East real estate and mortgage agency in Montreal. He made from scratch of false documents on twenty times.
Essentially, these were leases written on the compulsory form of the administrative housing court and purchase promises written on the Duproprio form.
Mr. Jamshaid also sent a series of documents, including bank statements, contribution notices and income declarations, knowing that they were not authentic.
“These gestures aim essentially to deceive lenders to access funds, in this case on the part of Manuvia, which would have been otherwise inaccessible,” it is able to read in the decision.
Thanks to this stratagem, the ex-mortgage representative managed to obtain for nearly $ 30,000 in commissions.
Fine of $ 45,000
At the end of an investigation, the Financial Markets Authority agreed this spring with Mr. Jamshaid, who agreed to pay an administrative penalty of $ 45,000, to hand over all of his compensation, and to see his mortgage broker permit permanently revoked.
His certificate had already been suspended since May 2022 due to the “cessation of his job”.
Heavy consequences
In his judgment, the court deplores the conduct of Mr. Jamshaid.
“The consequences of these gestures are serious both for the borrower and for the mortgage creditor. These gestures do not allow the mortgage creditor to establish a truthful portrait of the borrower’s financial situation, which affects his capacity to make payments and avoid being failing to comply with his obligations, “said the court.
