The Superintendent of Financial Services proposed to revoke the mortgage brokerage licence of MSF Group Inc. and the mortgage broker licence of Lilia Reznik for providing false income and employment documents to Scotiabank in support of five mortgage applications.
The Financial Services Tribunal found that the applicants knowingly provided false documents, contravening sections 43(1) and 43(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006.
The Tribunal concluded that the applicants' past conduct afforded reasonable grounds for belief that they would not deal in mortgages in accordance with the law and with integrity and honesty, rendering them unsuitable to be licensed.
The Tribunal ordered the revocation of both licences.
