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The Registrar of Mortgage Brokers has issued a cease-and-desist order against an unregistered mortgage broker linked to over $500 million in mortgage loans from 2009 to 2018.

Jay Chaudhary is accused of using registered brokers and real estate agents to arrange the questionable mortgages, some involving major lenders and documents altered to inflate income numbers.

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Chaudhary was once registered but has not been licensed as a submortgage broker since 2008, when he was suspended for four months after lenders raised concerns.

The cease-and-desist order issued on Thursday concludes, “the size and scale of (his) unregistered broker activities supported by a network of regulated individuals, represents a significant risk to the integrity of the real estate and financial services marketplace.”

It accuses Chaudhary of duping borrowers into believing he was a broker who was dealing directly with lenders. He is accused of actually collecting referral fees and feeding false or altered documents to registered brokers who arranged mortgages on his behalf.