THE REAL ESTATE COUNCIL OF ALBERTA
Case Number: Name on Licence: Licence Type & Class: Brokerage Name on Licence: Process:
015558 Mathias Ngucko Kenfack Mortgage Associate Invis Inc O/A Invis Section 39 & 83 of the Real Estate Act
Document: ADMINISTRATIVE PENALTY Penalty: $3,000 (see Schedule 2 of the Bylaws) Payment This Penalty must be paid within 30 days of the date this Notice was issued. If you fail to pay the Penalty the Registrar may commence collection under Part 6 of the Real Estate Act and may suspend your licence under section 38.1 of the Rules.
If you pay the Penalty • You will have satisfied the Administrative Penalty and no further proceedings under Part 6 will be taken against you. • You cannot be charged under the Real Estate Act with an offence for the contravention(s) in this Administrative Penalty.
TO:
Mathias Ngucko Kenfack
The Registrar of the Real Estate Council of Alberta (RECA) has determined there is sufficient evidence you have contravened section 42(a) of the Real Estate Act Rules and this is conduct deserving of sanction.
Rule 42 – Licensees must not: (a) make representations or carry on conduct that is reckless or intentional and that misleads or deceives any person or is likely to do so.
Particulars of the contravention(s): 1. In or around January 2024 through April 2024, you made representations that were reckless and that were likely to mislead or deceive, contrary to section 42(a) of the Real Estate Act Rules: a) On or around January 17 th , 2024, [F.B] and [F.B(d)] approached you for assistance in securing a mortgage for the property located at [ADDRESS]. b) [F.B] emailed you her and [F.B(d)]’s Statements of Enumeration, paystubs, and bank statements. c) On February 5 th , 2024, you applied to CMLS on behalf of the [F.B] and [F.B(d)]. d) From February 7 th , 2024, through February 27 th , 2024, you were in communications with CMLS regarding [F.B] and [F.B(d)]’s income and a deposit in the amount of $10,000 into one of [F.B]’s accounts. e) On February 27 th , 2024, you inquired about the $10,000 deposit with [F.B], and she informed you the funds were from a vehicle she sold. You relayed this information to CMLS. You did not verify the source of the $10,000. f) On February 29 th , 2024, CMLS declined the application. CMLS informed you the application was declined due to many inconsistencies with the income documents provided. g) The Statements of Renumeration provided included several discrepancies, such as spelling errors, two of the borrowers sharing the same Social Insurance Number, 2022 documents created on 2023 documents and vice versa. You stated the discrepancies found in the documentation may have been made in error by the accountant. h) You stated you believed the documents were good and CMLS declined the application as they were tired of too many emails. You submitted the same application and documentation to Bridgewater Bank the same day. i) On March 6 th , 2024, you were in communication with a representative from Bridgewater Bank regarding [F.B(d)]’s ownership in a business. j) You informed Bridgewater Bank [F.B(d)]’s owned 50% of [J.L Inc.]. You did not inform Bridgewater Bank the mother owned the other 50% of the business. You stated you did not disclose [F.B]’s ownership in the business as it was ‘obvious.’ k) On March 7 th , 2024, Bridgewater Bank declined the application. You stated Bridgewater Bank declined the application due to too many documents. You stated you began to seek funding from private lenders as they do not need income documents. l) On or around March 15 th , 2024, you submitted the [F.B] and [F.B(d)]’s application to private lender, Gentai Capital Corporation. m) On April 11 th , 2024, you submitted the [F.B] and [F.B(d)]’s application to Fisgard Asset Management. n) The application you submitted to Fisgard Asset Management omitted significant liabilities that were included in the applications submitted to
CMLS and Bridgewater Bank. You stated the liabilities were omitted from the application submitted to private lenders as liabilities do not matter to private lenders. o) Additional assets relating to [F.B(d)]’s business were included in the application submitted to private lenders. You stated the business accounts were omitted from the application submitted to CMLS and Bridgewater Bank as they did not matter if the [F.B] and [F.B(d)]’s had enough money in their personal accounts. p) Additional discrepancies found between the applications include the [F.B] and [F.B(d)]’s income, [F.B]’s residential status, [F.B(d)]’s residential status, and [F.B(d)]’s employment history. You stated the discrepancies found between the application may have been errors made by your assistant.
The Registrar considered the following aggravating and mitigating factors: Aggravating Factors • You failed to note inconsistencies in the documentation multiple times. • You continued to submit applications to other lenders after being notified of inconsistencies.
• You sent the application to private lenders to avoid providing the documents with inconsistencies as identified by previous potential lenders.
Mitigating Factors • You acknowledged the importance of checking documents thoroughly and reviewing the work completed by your assistant.
Appeal You have the right to appeal this Administrative Penalty to a Hearing Panel. See section 83.1 of the Real Estate Act for what you must do to appeal.
In an appeal you will be given a full opportunity consistent with procedural fairness and natural justice to present evidence before the Hearing Panel in relation to the contraventions alleged.
Your written notice of appeal must comply with section 83.1 and must be received by the Registrar within 30 days of you receiving this Administrative Penalty.
If you appeal, payment of the Penalty will not be required until an order to pay a penalty is issued by the Hearing Panel. If you have any questions regarding particulars or the appeal process, please contact:
Name: Email: Phone: Fax: Address:
[S.W], Investigator [EMAIL] 403.228.2954; Toll Free: 1.888.425.2754 403.228.3065 Real Estate Council of Alberta Suite 202, 1506 11 Avenue SW Calgary, Alberta, T3C 0M9
Issued at Calgary, Alberta, on May 22, 2025.
“Signature” Warren Martinson, Registrar Real Estate Council of Alberta
cc.
[S.B], Mortgage Broker Invis