TORONTO, April 5, 2019 /CNW/ - The Financial Services Commission of Ontario (FSCO) is warning consumers that 1PLUS12 is not licensed to conduct mortgage brokering or administration business in Ontario.
According to its website, www.1plus12.com, 1PLUS12 is an International Investment Training Company that helps people become financially independent. At least one investor alleges that after securing funds to invest in a property, the company never registered the mortgage on title. The investor alleges mortgage fraud. 1PLUS12 is not licensed with FSCO.
In addition, the following individuals are not licensed to conduct mortgage business in Ontario:
- Glenn Estrabillo
- Arash Missaghi
- Dominic Kawa
- Sai Mohammed (a.k.a. Sai Moshin Jiwani Mohamed, a.k.a. Mo Jiwani,)
- James Destephanis
- Jonathane Ricci
Peel Regional Police have confirmed they will be investigating the matter.
Consumers should exercise caution if they are contacted by anyone claiming to represent 1PLUS12, or anyone using these names.
Consumers should be aware that all mortgage brokerages, brokers and agents in Ontario are required to disclose the material risks of any mortgage investment to investors in writing and in plain language. Potential investors should ensure they receive this disclosure and review it carefully. FSCO strongly encourages all potential investors, including consumers and retail investors, to seek independent financial and legal advice before investing.
It is important to note that if consumers invest in a mortgage through individuals or companies not licensed by FSCO, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act and its regulations that govern Ontario's licensed brokerages, brokers and agents.
Consumers may check if a mortgage brokerage, broker or agent is licensed on FSCO's website.
SOURCE Financial Services Commission of Ontario
For further information: For media inquiries (only), please contact: Malon Edwards, Senior Communications Officer, Telephone: 416-590-7536, Toll free: 1-800-668-0128, ext. 7795, Fax: 416-590-7070, TTY Toll Free: 1-800-387-0584, Email: [email protected]; Public inquiries: 1-800-668-0128, [email protected]