Mortgage broker Khanna denied licence by provincial tribunal
Dennis (Dinesh) Khanna won’t be reissued a mortgage broker’s licence because of “clear, cogent and convincing evidence” that “calls into question his honesty and integrity and his willingness to abide by the law,” a provincial tribunal has ruled.
This week — after a nine-day hearing involving nearly 4,300 pages of evidence and 12 witnesses — the Financial Services Tribunal released its findings and announced it would not reissue Khanna’s licence or renew the licence of his Hamilton-based company, Metro Financial Planning Ltd.
The tribunal is a quasi-judicial body of the Financial Services Commission of Ontario, a regulatory agency of the provincial Ministry of Finance.
“Mr. Khanna forged and falsified documents and registered fraudulent mortgages on title. He has shown a flagrant predisposition for deceit and dishonesty in every aspect of his business. In conducting his business he has preyed upon vulnerable borrowers in financial and personal distress to his own advantage,” the tribunal said in a 62-page judgment.
Khanna, who lives in Oakville, is also facing numerous fraud-related charges following an investigation by Hamilton police arising from complaints about his business practices.
The charges include counts of fraud over $5,000, giving a false statement, producing false documents and forging documents.
In addition, he faces charges of sexual assault after police received complaints from women who reported being sexually assaulted while at his office on King Street West.
Khanna’s lawyer, Brian Duxbury, could not be reached for comment.
“Mr. Khanna’s past conduct, numerous failures to comply with the requirements of the act and/or regulations made under the act and the false statement in Mr. Khanna’s application for a licence as a mortgage broker, constitute reasonable grounds for the belief that the applicants will not trade or deal in mortgages in accordance with the law and with honesty and integrity,” the tribunal said.
“Therefore we have concluded that MFP is no longer suitable to be licensed as a mortgage brokerage, that Mr. Khanna should not be issued a new mortgage broker licence.”
In a statement, a spokesperson said the financial services commission “is committed to taking action against individuals and entities who do not comply with the law, in order to protect consumers.”