Broker, agent who worked with Home Trust fined

TORONTO — An Ontario regulator says it has imposed disciplinary actions against a mortgage broker and agent who worked with Home Trust Co., a subsidiary of Home Capital Group (TSX:HCG), over their handling of mortgages.

The Financial Services Commission of Ontario (FSCO) says it conducted a review of 45 mortgage brokers and agents that Home Capital cut ties with after they were accused of falsifying income information several years ago.

FSCO says broker Gagandeep Duggal and agent Zaheer Mohammad were found to be in non-compliance with the province’s Mortgage Brokerages, Lenders and Administrators Act.

The Superintendent of Financial Services with FSCO concluded that on six separate occasions Mohammad gave false income and employment information to a lender in the course of brokering mortgages.

He was fined $43,853.64 and had his licence revoked in May of last year.

The Superintendent also imposed a penalty of $5,000 last November against Duggal for providing false or deceptive information when dealing with mortgages.

The health of Canada’s mortgage market has been a subject of much discussion in recent weeks, particularly after customers began pulling their deposits out of Home Capital, leaving the lender in a cash crunch.

A Home Capital spokesman said it had no comment about FSCO’s regulatory actions.

Last month, the Ontario Securities Commission alleged the company misled investors in their handling of a scandal involving falsified loan applications. Home Capital has said the OSC’s allegations are without merit and it will defend itself.

Just Posted

CP Holiday train will stop in some Central Alberta communities

The popular train will feature entertainment from Colin James and Emma-Lee

After death of 8th child, Ikea relaunches dresser recall in U.S and Canada

NEW YORK — Ikea relaunched a recall of 29 million chests and… Continue reading

Red Deer agency supporting for LGBTQ2S+ youth

New report on LGBTQ2S+ youth from the Office of the Child and Youth Advocate

Decision on Haitians’ status in the U.S. has Canada on alert for asylum seekers

OTTAWA — A decision by the Trump administration to end a temporary… Continue reading

European court opens hearing on recognizing same-sex unions

BUCHAREST, Romania — The European Court of Justice on Tuesday opened a… Continue reading

VIDEO: Replay Red Deer: Nov. 19

Watch news highlights from the week of Nov. 13

Red Deer Christmas Bureau to help 1,300 children this year

Demand is high, but Red Deer always provides

CP Holiday train will stop in some Central Alberta communities

The popular train will feature entertainment from Colin James and Emma-Lee

Kittens rescued after allegedly being tossed from vehicle

Couple finds abandoned kittens new home through Facebook

VIDEO: ‘Party bus’ goes up in flames in Vancouver

Fire crews responded to the late night blaze

Chicken crosses B.C. road, stops traffic

Rooster makes early morning commuters wait in Maple Ridge

Red Deerian honours her brother who died in a motorcycle collision

Houaida Haddad is encouraging Red Deer residents to donate blood

Red Deer County firefighters to be recognized for Waterton help

RCMP brass will give formal recognition Monday

Ron James tries to lighten humanity’s load through humour

The comedian returns to Red Deer for shows Dec. 1 and 2

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month