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
BREAKING 3 injured after man with knife enters Montreal-area Islamic cultural centre
Three men were injured after a man armed with a knife entered a Montreal-area Islamic cultural centre Friday afternoon.
Teen arrested in New Brunswick after emergency alert; 5 people in custody
A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.
Police arrest 18-year-old woman who allegedly stole Porsche and ran over its owner
Police have arrested an 18-year-old woman who allegedly stole a Porche and then ran over its owner in an incident that was captured on video.
Woman nearly shut out of mother's estate sues brother in B.C. Supreme Court – and wins
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
Parents of Ontario teen sue alleged poison salesman Kenneth Law
The parents of a teenager who died after allegedly consuming the poisonous products of a Mississauga man are now suing him, as well as several doctors involved in her care.
11-year-old boy dies after subway surfing in NYC
An 11-year-old boy died Monday after subway surfing in New York City. He's the fourth person to die from subway surfing in the city this year.
'We're still pushing hard': Search for missing Manitoba boy continues, RCMP find tracks
The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.
Recall issued for 38,000 GM vehicles in Canada over software safety glitch
Transport Canada has issued a recall for 38,000 General Motors (GM) vehicles for safety risks related to a software glitch, the agency reported in a notice on Wednesday.
Top Hezbollah commander among 12 killed in Israeli strike on Beirut
Israel killed a top Hezbollah commander and other senior figures in the Lebanese movement in an airstrike on Beirut on Friday, vowing to press on with a new military campaign until it is able to secure the area around the Lebanese border.