FSRA takes enforcement action against Raouf Ghadrdoust

The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew the mortgage agent licence of Raouf Ghadrdoust (Ghadrdoust) and imposed administrative penalties in the total amount of $15,000 on Ghadrdoust.

The Financial Services Tribunal found that Ghadrdoust contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:

• By dealing in mortgages for remuneration outside his mortgage brokerage, contrary to section 2(3) of the Act;
• By receiving remuneration from a person other than his registered brokerage, contrary to section 4(1) of Ontario Regulation 187/08; and
• By allowing himself to be used to facilitate dishonesty, contrary to section 3.1 of Ontario Regulation 187/08.

FSRA issued these orders as a result of a decision of the Financial Services Tribunal.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Nicole Sherwin 
Senior Media Relations Officer 
Financial Services Regulatory Authority of Ontario 
C: 437-553-5633 
Email: [email protected]