Ahad (Mike) Mahmoudian is Not Licensed to Conduct Mortgage Business in Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Ahad (Mike) Mahmoudian is not licensed to conduct mortgage business in Ontario.
Ahad (Mike) Mahmoudian appears to be operating from 7330 Yonge St., Thornhill, ON, L4J 7Y7, and using the phone number (647) 778-7766. Mr. Mahmoudian appears to be soliciting mortgage business through various websites, including the following:
FSRA confirms that Mr. Mahmoudian is not currently licensed to deal in mortgages. Mr. Mahmoudian is also not affiliated with Morcan Financial Inc., operating as Morcan Direct, which is a licensed mortgage brokerage through FSRA.
Consumers should exercise caution if they are contacted by Mr. Mahmoudian, and are advised not to engage in mortgage business with him on any of the above-referenced websites.
Consumers are also encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage, or administrator.
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.
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