TORONTO, July 22, 2020 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Sukhdippal Singh Matharu and Popular Mortgages are not licensed to conduct mortgage business in Ontario.
On Tuesday, July 14, 2020, the Peel Regional Police Fraud Bureau arrested and charged Mr. Matharu with Fraud Over $5,000 by Defrauding the Public. He was released with conditions. Peel Regional Police believes there may be more victims and is interested in hearing from them. More information is available in the press release issued by Peel Regional Police.
Mr. Matharu appears to have been operating out of Popular Mortgages, located at 1315 Derry Road East, Mississauga. A second location appears to be associated with Popular Mortgages at the Newin Shopping Center, located at 2580 Shepard Avenue, Mississauga.
FSRA confirms that neither Popular Mortgages nor Mr. Matharu are currently licensed to deal in mortgages.
Consumers should exercise caution if they are contacted by Mr. Matharu, and are advised not to engage in mortgage business with him or Popular Mortgages.
Consumers are also encouraged to check the public registry to ensure they are working with a licensed mortgage agent, broker, administrator or brokerage.
It is important to note that if consumers obtain a mortgage through individuals or companies not licensed by FSRA, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario's licensed brokerages, brokers and agents.
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more www.fsrao.ca.
SOURCE Financial Services Regulatory Authority of Ontario
For further information: FOR MEDIA INQUIRIES: Malon Edwards, Senior Communications Officer , Financial Services Regulatory Authority, C: 647-296-5479, Email: [email protected]