North Shore realtor’s license cancelled for illegal mortgage scheme

A North Shore realtor’s license has been cancelled, and she has been fined $5,000 for working with unregistered mortgage broker Jay Kanth Chaudhary in a fraudulent mortgage scheme, according to the BC Financial Services Authority (BCFSA).

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Sayna Sadat Mirzadeh, a former trading services representative at a West Vancouver real estate group, was found to have committed professional misconduct and conduct unbecoming a licensee under the Real Estate Services Act (RESA). The BCFSA determined that Mirzadeh used falsified income documents in a mortgage application for a property she purchased in Abbotsford in 2017.

According to the consent order, Mirzadeh provided her financial documents to Chaudhary, who had been operating illegally as an unregistered mortgage broker. The application submitted to the lender falsely inflated her income to $105,429, despite her genuine tax records indicating significantly lower earnings of $5,177 in 2014 and $890 in 2015. The fraudulent documents allowed her to secure $468,000 in mortgage financing.

Chaudhary, whose registration as a sub mortgage broker had been suspended in 2008 for submitting false information to lenders, was the subject of a multi-year investigation by BCFSA. In 2019, the regulator issued an urgent cease-and-desist order against him for engaging in unregistered mortgage activities. Mirzadeh’s real estate license has been cancelled as part of the disciplinary action, and she must pay $5,000 in enforcement expenses within two months. She has waived her right to appeal the ruling.

BCFSA Investigation Leads to Disciplinary Actions

Mirzadeh was among five people recently disciplined by BCFSA for their involvement with Chaudhary. The investigation resulted in consent orders against four real estate licensees and one mortgage broker:

• Afsaneh Zarshenas – Ordered to pay a $50,000 penalty and complete remedial education before being eligible for licensing again.
• Molenia Golshani – License cancelled and fined $75,000.
• Homayoun (Sam) Harji Karimloo – License cancelled and fined $75,000.
• Shane Ballard – Unregistered and deemed ineligible for future mortgage broker licensing, fined $50,000.

The investigation into Chaudhary’s fraudulent mortgage activities involved more than 25 individuals, with 23 facing disciplinary action. BCFSA emphasized that it remains committed to maintaining integrity in the real estate and mortgage sectors by holding industry professionals accountable for misconduct.