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 clear pro-Palestinian protesters from Columbia University while clashes break out at UCLA
The pro-Palestinian demonstration that paralyzed Columbia University ended in dramatic fashion, with police carrying riot shields bursting into a building that protesters took over the previous night and making dozens of arrests. On the other side of the country, clashes broke out early Wednesday between duelling groups at the University of California, Los Angeles.
Will an 'out of sight, out of mind' cellphone policy make a difference in Ontario schools?
Ontario’s cellphone ban in schools has been met with mixed reaction, with some teachers concerned about constant policing of kids and experts applauding the change as necessary for student learning.
National strategy must recognize caregivers as 'backbone' of society: centre
Canadians need help looking after family members who are aging, sick or have disabilities, and many caregivers are seniors who need help themselves, says a new report calling for a national strategy that recognizes the mental and financial toll of the job.
WATCH Arnold Schwarzenegger spotted filming in Elora, Ont.
The name of the project has not been officially released although it’s widely believed to be the Netflix series FUBAR.
Lawyers for alleged Winnipeg serial killer point to opinion poll in bid to get jury tossed
The lawyers of an alleged serial killer in Winnipeg are questioning whether pre-trial publicity in the high-profile case may have influenced the jury’s decision-making ability, after a public poll commissioned by the defence found 81 per cent of respondents believe the accused is guilty.
Ontario woman surprised after 20-year-old fines suddenly tank credit score
An Ontario woman says that she was shocked when provincial fines from 20 years ago suddenly tanked her credit score last week, but the situation may not be as unusual as it seems, according to at least debt expert.
Poilievre kicked out of Commons after calling Prime Minister Justin Trudeau 'wacko'
Testy exchanges between the prime minister and his chief opponent ended with the Opposition leader and one of his MPs being ejected from the House of Commons on Tuesday -- and the rest of Conservative caucus walking out of the chamber in protest.
WATCH Moose strolls through Fredericton
A Fredericton woman is awe-struck after seeing a moose stroll down a city street on Tuesday.
Baby, grandparents among 4 people killed in wrong-way police chase on Ontario's Hwy. 401
A police chase which started with a liquor store robbery in Bowmanville Monday night ended in tragedy some 20 minutes later when a suspect fleeing police entered Highway 401 in the wrong direction and caused a pileup which killed an infant and the child's grandparents, as well as the suspect, investigators say.