Ont. the woman invested in an allegedly unlicensed mortgage company

An Ontario nurse is fighting to get back tens of thousands of dollars she invested in a mortgage company accused of operating without a license.

“I thought it was a good way to make some money and I gave them $130,000,” said Jackie Bennett of Whitby.

Bennett gave the money to Yasha Singh, a mortgage broker with Best Choice Financial, a mortgage company that operates a branch at the Plaza in Scarborough. He said the mortgage company was supposed to loan him $130,000 within three months and then pay him back the entire amount plus $9,000 in interest.

Three months have come and gone, but Bennett says he hasn't gotten anything back.

“It was back and forth, a lot of excuses, just lame excuses back and forth,” Bennett said.

In February, Bennett became worried and asked CTV News Toronto for help. When CTV News visited the Best Choice Financial office in Scarborough, the door was locked, no one appeared to be inside and the company's sign had been removed.

The best selection of financial services in Scarborough can be seen above. The company's logo has since been removed. (Google map)

Almost two months later, Ontario's Financial Services Regulatory Authority (FSRA) issued a statement accusing Singh of operating without a license and ordering him to stop practicing mortgage lending in Ontario. He requested a hearing at the FSRA Financial Services Tribunal to resolve the allegations.

Prior to the FRSA announcement, CTV News contacted Singh, who said the funds had been deposited into the mortgage, but the funds had not been disbursed due to delays in the sale of the property.

Singh told CTV News at the time that he was doing his best to resolve the issue.

“I settled the payments and received partial funds. I will arrange with Jackie for a date to pay the balance,” he said.

In April, Bennett said he was able to get $100,000 back, but is still fighting for the remaining $30,000.

“I'm really happy to get a lot of it back. “I was very worried and very depressed,” she said.