Former Ontario mortgage broker settles unlicensed fronting case
How the unlicensed referral pipeline worked
The case began with a May 1, 2024, complaint from a borrower, identified as MA, who said the mortgage registered on her Hamilton property was higher than the amount she had agreed to. She told investigators she had never met Kaur and did not know Trillium was her brokerage.
According to the agreed facts, Vatsal Pareshkumar Khamar, also known as Vic Kumar, answered a Kijiji ad Kaur placed in 2023 and began referring clients to her.
Khamar, who has never held a licence, met eight groups of borrowers, collected their identification and financial documents and obtained signatures.
Kaur prepared the applications and sent them to lenders through Trillium. She relied on Khamar to confirm the borrowers’ identities and never met any of them in person.
Kaur admitted listing one borrower as single when she was married, supplying inaccurate employment and income details for that borrower and overstating MA’s income.
