Man fined $98,000 after years of ignoring order to stop operating as unregistered B.C. mortgage broker

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      It’s payback time for a man who demonstrated “complete disregard” of mortgage regulations in B.C.

      Not only did Dean Frank James Walford operate as an unregistered mortgage broker.

      Walford did so for many years even after he was ordered to stop by the Registrar of Mortgage Brokers.

      “Unregistered mortgage broker activity cannot be tolerated,” Cheryl Vickers wrote in her decision on penalty and costs.

      Vickers ordered Walford to pay a total of $98,205.08 in penalties.

      The sum includes the maximum allowable administrative fine of $50,000 as Walford showed “contempt for the regulatory scheme in place for the protection of the public”.

      The rest consists of investigation and hearing costs.

      Vickers is an appointee of the Registrar of Mortgage Brokers.

      Her decision on penalty and costs was published online on February 2 by the B.C. Financial Services Authority.

      Vickers related that on September 12, 2011, the registrar issued a cease and desist order (CDO) to Loan Depot Canada (LDC) and Walford.

      The registrar ordered them to stop engaging in mortgage broker activity until they are registered under the Mortgage Brokers Act.

      However, Walford, who identified himself as president of LDC, carried on with his unregistered activity for about seven years.

      Vickers recalled that this went into 2018.

      “The conduct in this case shows complete disregard for the regulatory scheme,” the registrar’s appointee noted.

      Walford performed credit checks, created 114 mortgage applications of borrowers buying properties in B.C., and submitted 90 mortgage applications to lenders.

      “Mr. Walford has taken no responsibility for his conduct,” Vickers wrote.

      “Other than a last minute effort to adjourn the hearing,” Vickers continued, “he disregarded the proceedings against him again demonstrating a failure on his part to recognize and acknowledge the seriousness of his actions and the regulatory scheme.”

      Moreover, the registrar’s appointed noted, “There is no evidence before me that Mr. Walford has shown any remorse or engaged in any efforts of reconciliation.”

      Last summer, Vickers rendered a decision on the merits of the case.

      In that ruling, she noted that LDC is a registered partnership in Nova Scotia.