The Financial Services Regulatory Authority of Ontario has taken action against two former mortgage agents in the Greater Toronto Area, imposing hefty penalties totaling $230,000 for misconduct including facilitating fraud and providing false information. Satyamkumar Trivedi and Sasitharan “Soma” Somasekarampillai were found to have violated regulations by engaging in deceptive practices and receiving financial kickbacks outside their official brokerages.
Trivedi, who worked for Mortgage Alliance Company of Canada Inc., was terminated after complaints surfaced regarding his conduct, while Soma, operating under Homewise Solutions Inc., faced penalties and license non-renewal. The regulatory authority raised concerns about Trivedi’s involvement in a suspicious mortgage transaction in 2020, where a borrower defaulted on a loan after deceiving an investor into lending money for a gas station property.
Regulators discovered that Trivedi, with Soma’s collaboration, processed deals independently, earning substantial fees outside their brokerage agreements. Trivedi admitted to receiving fees totaling over $200,000 from such activities, leading to the imposition of significant penalties by the FSRA. Despite attempts to mislead authorities, Trivedi ultimately settled with the regulatory body, agreeing to pay a reduced penalty amount.