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
From AI running wild to collapsing ecosystems, government report outlines future disruptions
From artificial intelligence running wild to collapsing ecosystems, a new Canadian government report outlines 35 disruptions that could rattle the country in the near future.
B.C. serial killer Robert Pickton hospitalized after prison attack
British Columbia serial killer Robert Pickton was attacked and sustained life-threatening injuries in a Quebec prison Sunday in what officials described as a 'major assault.'
opinion Tom Mulcair: With Trudeau spiralling, Mark Carney waits in the wings
In his latest column for CTVNews.ca, former NDP leader Tom Mulcair argues that if there's an unofficial frontrunner in the eventual race to replace Justin Trudeau as Liberal leader, it has to be former Bank of Canada governor Mark Carney.
Toronto Blue Jays fan struck by 110 m.p.h foul ball offered tickets, signed baseball by team
The Toronto Blue Jays have offered tickets and a signed baseball to a fan who says she was struck in the face by a 110 m.p.h (177 km/h) foul ball at Friday’s game.
Matthew Perry's death is being investigated over ketamine level found in actor's blood, reports say
An investigation has been opened into the death of Matthew Perry and how the “Friends” actor received the anesthetic ketamine, which was ruled a contributing factor in his death.
OPP continues to investigate boat collision north of Kingston, Ont. that left 3 people dead
Ontario Provincial Police continue to investigate a long weekend fatal boat collision on Bobs Lake, north of Kingston, Ont.
Police in Ontario say suspects charged in armed home invasion near Toronto part of 'larger criminal network'
Police in Ontario say a group of suspects charged in an armed home invasion north of Toronto last year were driving a vehicle stolen in a carjacking in Calgary just one month earlier.
Stolen septic truck swerves through traffic, spike belt needed to stop it: Manitoba RCMP
A 29-year-old woman has been charged after police say she stole a septic truck from a Manitoba community and drove erratically on the highway.
Orphan orca's extended family spotted off northeast side of Vancouver Island
Members of a killer whale pod related to an orphan orca calf that escaped a remote British Columbia tidal lagoon last month have been spotted off the northeast coast of Vancouver Island.