Two NRI mortgage brokers suspended over allegations of fraud

• NRI, Gurinderjeet Toor and Sukhsimran (Sam) Singh Gill of Aspert Mortgage Inc. have been alleged a combined value of at least $220 million in mortgages
  
  
• 100 files out of 126 files may contain false documents
  
  

Surry, BC, Dec 14, 2005
Ram Sharma

According to the Registrar of Mortgage office in Surry, BC - Gurinderjeet Toor and Sukhsimran (Sam) Singh Gill of Aspert Mortgage Inc. have been suspended for their alleged role in obtaining more than $220 million in mortgages while the Financial Institutions Commission of B.C. investigates the allegations.

1. "Aspert Mortgage Inc. ("Aspert") is registered in British Columbia as a mortgage broker under the Mortgage Bmkers Act ("the Act") with its registered office at #210 -12830 80th Ave., Surrey, British Columbia.
2. "Gurinderjeet Toor ("Toor") is registered in British Columbia as a submortgage broker under the Act employed by Aspert. He is also the only director and officer of Aspert and is believed to be the sole shareholder.
3. "Sukhsimran Singh Gill ("Sam Gill") is registered in British Columbia as a submortgage broker under the Act employed by Aspert.
4. "Toor and Sam Gill are the only registered submortgage brokers working regularly out of Aspert's registered office, although seven other registered submortgage brokers are employed by Aspert. Aspert's registered office contains two small offices, one of which belongs to Toor, the other of which belongs to Sam Gill."
5. "As a result of a complaint received by the office of the Registrar on or about May 9, 2005, an investigation was commenced into the activities of Aspert and (name blanked out) - an unregistered individual purportedly involved in the brokering of mortgages.
6. "The investigation revealed that Aspert, working - in conjunction with (name blanked out) and another unregistered individual, (name blanked out), brokered a mortgage with the Canadian Imperial Bank of Commerce ("CIBC") on behalf of the complainant.
7. "The investigation further revealed that a Canada Revenue Agency T-4 slip, an employment letter on behalf of the complainant and an employment letter on behalf of the complainant's wife had been forged and submitted to the ClBC in support of the mortgage application submitted by Aspert. These documents were forged and uttered without the knowledge or consent of the complainant or his wife.
8. "Sam Gill was the submortgage broker handling the file of the complainant's mortgage.
9. "A search was conducted at the registered office of Aspert on August 17,2005 under the authority of a search warrant. Fifty-eight files containing documents pertaining to mortgage applications dated between November 2004 and August 2005 were seized and reviewed pursuant to that warrant. Thirteen of those files contained documents which were false and which were apparently provided to various lenders in support of mortgage applications. The false documents consisted of false employment and income verification letters and false T-4 slips.
10. "It was also discovered that (name blanked out), an unregistered individual, was employed by Aspert and had activity on its behalf in 21 of the files reviewed.
11. "On September 9th, 2005, another search was conducted at the registered office of Aspert pursuant to a second warrant. During that search, two mortgages brokered through Toor and Aspert were reviewed. The mortgage files contained false and forged documents which were apparently forwarded to lenders in support of the mortgage applications in circumstances which suggest Toor committed the forgeries or at least knew the documents were false. A number of files were then seized pursuant to the second search warrant.
12. "A review of the computer records seized in the second search revealed that Aspert brokered or attempted to broker mortgages with a combined value of at least $220,705,077.26 between January I, 2002 and September 9,2005. Of the 126 files that were cursorily reviewed, it appears that 100 of those files may contain false documents which were forwarded to lenders.
13. "A detailed review of 22 files revealed that in 21 of those files, the disclosure requirements mandated by the Act to protect lenders and investors have not been fulfilled. Of those 22 files, Toor was the submortgage broker in 15 and Sam Gill was the submortgage broker in three.
14. "It is an offence under the Act to carry on business as a mortgage broker or submortgage broker unless a person is registered under the Act. It is also an offence to employ as a submortgage broker any person not registered under the Act.
15. "Aspert worked in concert with persons not registered under the Act, specifically (name blanked out) and (name blanked out) - in arranging mortgages. The number of mortgages involved and the time period in which these mortgages were brokered indicate a complete disregard by Aspert for the registration requirements of the Act.
16. "Toor and Sam Gill have brokered a number of mortgages supported by false and fraudulent documentation in circumstances which suggest that they either forged the documents themselves, or at least knew the documents were false.
17. "Aspert has further not complied with provisions of the Act with respect to borrower, lender, and conflict of interest disclosure.
18. "These activities have continued over a significant period of time and within one office, leading to a conclusion that there has been insufficient supervision of the activities of registered submortgage brokers employed by Aspert.
19. "Aspert is the subject of an on-going criminal investigation related to these activities and the activities of other persons.
20. "The investigation into the conduct and activities of Aspert, Toor and Sam Gill by the staff of the Registrar of Mortgage Brokers (the "Registrar") is not complete and is ongoing."
    

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