A former mortgage broker has been fined $40,000 for her involvement in a fraudulent scheme that came to light following a complaint to regulators. Paramjeet Kaur, a licensed broker with Trillium Mortgage Services Inc. until her license expired in March 2026, admitted to providing false employment and income details on multiple mortgage applications. The Financial Services Regulatory Authority of Ontario (FSRA) revealed that Kaur’s actions were brought to their attention by a resident in May 2024, leading to an investigation.
Kaur collaborated with a third party, Vatsal Pareshkumar Khamar, who contacted her through an online ad. Khamar, who lacked a valid broker’s license, referred prospective borrowers to Kaur without verifying their identities. Kaur completed the mortgage applications, facilitated electronic signatures, and submitted them to lenders through Trillium. Despite reaping $90,000 in commissions, Kaur failed to conduct suitability analyses for the borrowers, breaching industry guidelines.
Regulators imposed a $40,000 fine on Kaur, down from the initial $85,000 sought, for her role in the fraudulent activities. Additionally, Trillium Mortgage Services’ principal broker, Frank Manzo, faces fines for failing to ensure compliance with industry regulations. While negotiations are ongoing, both Kaur and Manzo have refrained from further comments on the matter.
