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Real Estate Licensee Suspended for Forging Signatures
Ramandeep Singh Kooner committed wrongful or deceptive dealing by submitting documents containing forged signatures as part of a land assembly deal.
BC Financial Services Authority (“BCFSA”) has suspended real estate licensee Ramandeep Singh Kooner and his personal real estate corporation for six months after he admitted forging the signatures of two homeowners during a land assembly deal.
In an agreed Consent Order, Kooner and Raman Kooner Personal Real Estate Corporation (“RK PREC”) admitted that they committed professional misconduct and conduct unbecoming when they forged the signatures on Letters of Authorization on behalf of two sellers and submitted them to the City of Richmond, without the sellers’ consent.
On August 21, 2015, three neighbouring property owners in Richmond signed a Contract of Purchase and Sale with a buyer, subject to the City approving the land assembly.
The same day, Kooner became involved in the land assembly deal when he assisted a group of assignees in taking over the Contract of Purchase and Sale from the buyer for the three properties.
On September 22, 2015, Kooner, on behalf of the assignees, gave the City’s Letters of Authorization to a colleague at Seafair Realty to have the letters signed by the property owners. However, two of the property owners did not sign the letters.
Shortly afterwards, two of the property owners went to Richmond City Hall to ask about the risk of signing the letters, only to discover that the letters had already been signed and submitted by Kooner.
When the City discovered the signatures were not those of the property owners, it cancelled the rezoning application and the buyer, ultimately, did not complete the Contracts of Purchase and Sale.
Kooner admitted to BCFSA that he forged the signatures, claiming he had obtained verbal consent from the third owner to sign the letters on behalf of all sellers. However, Kooner did not follow up with the other owners directly to confirm if that was true.
In addition to the suspension, Kooner and RK PREC agreed to pay a $10,000 discipline penalty and $5,000 in enforcement expenses to BCFSA.
“The penalties imposed by BCFSA on this real estate licensee were the maximum allowed when the misconduct occurred. In 2015, discipline penalties were increased to $250,000 per contravention in order to address and deter serious misconduct of this nature,” said Raheel Humayun, BCFSA’s Director of Investigations.
“Licensees have a duty to act honestly, with reasonable care and skill and these actions undermine the integrity of the real estate industry and constitute wrongful or deceptive dealing.”
Related Links
Consent Order for Ramandeep Singh Kooner and Raman Kooner Personal Real Estate Corporation
Media Contact:
Kate Bilney
Communications Manager, (778) 357-1634, [email protected]
Visit: www.bcfsa.ca