FSCO Warns About Unlicensed Mortgage Broker
The alert follows allegations of possible mortgage fraud
Amid possible allegations of fraud, Ontario regulators are warning about an unlicensed mortgage brokerage.
The Financial Services Commission of Ontario (FSCO) issued an alert on Friday warning that a firm known as 1PLUS12 is not licensed for mortgage brokering or administration in Ontario.
The alert follows allegations of possible mortgage fraud from an investor, FSCO reports. “At least one investor alleges that after securing funds to invest in a property, the company never registered the mortgage on title,” the agency said in a release.
Those allegations have not been proven.
FSCO noted that “Peel Regional Police have confirmed they will be investigating the matter.”
In the meantime, the regulator said, “Consumers should exercise caution if they are contacted by anyone claiming to represent 1PLUS12…”
FSCO also “strongly encourages all potential investors, including consumers and retail investors, to seek independent financial and legal advice before investing.”