Jason Zarrillo of Integrity Mortgage Services is facing allegations of fraud under the Mortgage Broker's Act after a Manitoba Securities Commission investigation.
The agency claims Zarrillo submitted doctored tax documents and phoney letters of employment to banks in 2012 and 2013.
The MSC's investigation began after a bank launched a complaint.
In its statement of allegations, the MSC laid out 20 cases where Zarrillo submitted false and forged documents to banks, which helped his clients obtain mortgages and netted him tens of thousands of dollars in commissions.
In May, 2012, the agency said Zarrillo submitted a T4 slip to a bank in order to get his clients a mortgage.
The document was "altered" to show one of the clients had an annual income of $44,000, even though the client actually earned $3556.44, according to the agency.
The letter of employment submitted in that case "bore a forged signature, remarkably different from the signature on the [original] letter," according to the MSC.
The couple was approved for a $286,000 mortgage. The deal earned Zarrillo and his company $8,500 in commission.
Another client was promoted from her job as an educational assistant to a teacher in the paperwork submitted by Zarrillo, the agency said.
Her mortgage application and letter of employment showed a false annual income of $69,450 rather than her actual annual income of $31,189.
In one case, the MSC said "whiteout tape had been used" to create a "fake letter" of employment.
That client's actual salary was $55,000 annually, and in the "falsified letter of employment" the client’s income was represented as $85,000.
The agency said Zarrillo and Integrity earned $6,400 in commission on that after the lender funded the client a $320,000 mortgage.
The MSC believes "due to these allegations, it is in the public interest that ... the registration of Integrity Mortgage and Zarrillo be suspended and/or cancelled and fines be ordered against both or either of them."
None of the allegations are proven. Zarrillo is set to appear before a hearing panel on Oct. 15, 2014.
CBC News reached Jason Zarrillo at his office on Friday.
He said he had no comment at the time as he and his lawyer have not yet reviewed the documents the case is based on.
On Integrity Mortgage Services’ website, Zarrillo stated, "I graduated at U of M getting my honours degree in Commerce; from there I was hired by a lending institution called Allstate Funding in Orange County, California. This is where I was first introduced to the "mortgage world," and at that time they had relaxed regulations and some very creative products to say the least. From there I moved back to Winnipeg and IMS was born."
Integrity Mortgage Services is a Manitoba company that was incorporated in 2007.
Zarrillo is the sole director and authorizing officer, according to the MSC. Integrity Mortgage has three locations in Winnipeg.