Ontario woman out $30K after investing in mortgage company accused of being unlicensed
An Ontario nurse is fighting to recover tens of thousands of dollars in savings she invested in a mortgage company that has since been accused of operating without a licence.
“I thought this could be a good way to generate income and I gave them $130,000,” Jackie Bennett of Whitby said.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
Bennett gave the money to mortgage broker Yashna Singh with Best Choice Financial, a mortgage company operating out of a unit in a plaza in Scarborough. She said the mortgage company was supposed to lend out her $130,000 over a three-month period and then return the entire amount, plus $9,000 in interest.
Three months came and went, however, and Bennett said she didn’t receive anything back.
“It's been going back and forth, so many excuses, just lame excuses back and forth," Bennett said.
Back in February, Bennett became worried and reached out to CTV News Toronto for help. When CTV News went to the offices of Best Choice Financial in Scarborough, the door was locked, there appeared to be no one inside, and the company’s sign had been removed.
Best Choice Financial Services in Scarborough can be seen above. The company's sign has since been removed. (Google Maps)
Nearly two months later, the Financial Services Regulatory Authority of Ontario (FSRA) released a statement accusing Singh of operating without a licence and ordering her to stop dealing in mortgages in Ontario. She has requested a hearing before FSRA’s financial services tribunal to deal with the allegations.
Prior to the FRSA announcement, CTV News had reached out to Singh, who said the funds had been invested in mortgages but that the funds had not been paid due to delays in the sale of the properties.
Singh told CTV News at the time that she was doing her best to resolve the matter.
“I have made arrangements for the funds to be paid and have received partial funds. I will make arrangements for the balance with Jackie for a payout date,” she said.
In April, Bennett said she was able to recover $100,000, but is still fighting for the remaining $30,000.
“I’m just so happy I’ve gotten most of it back. I was so worried and so stressed out,” she said.
CTVNews.ca Top Stories
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Five areas Canada's foreign interference commissioner says needs more investigation
Commissioner Marie-Josee Hogue released her interim report examining foreign election interference on Friday. Here are five elements of the issue that Hogue says she needs to further probe before she can make conclusions or recommendations.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
Why your airfare may be getting more expensive
Skyrocketing airfare prices are linked to heightened competition and rising food and fuel, according to the CAA.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
New weight-loss drug Wegovy not a 'magic bullet,' doctor warns
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Manitoba man sentenced to house arrest for keeping fishing tournament funds meant for Children's Hospital Foundation
A Manitoba man who pleaded guilty to keeping the funds raised from an ice-fishing fundraiser for the Children's Hospital Foundation of Manitoba has been handed a sentence of 18 months house arrest.
Funeral today for broadcasting legend and voice of 'Hockey Night in Canada' Bob Cole
A funeral is being held today for hockey broadcasting legend Bob Cole in his hometown of St. John's, N.L.