Mort­gage bro­ker Khanna de­nied li­cence by pro­vin­cial tri­bunal

The Hamilton Spectator - - BUSINESS -

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.”

Den­nis (Di­nesh) Khanna


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