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in Barrie and Simcoe County

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A provincially registered Not-For-Profit Community Channel
Studio: 705-828-5605 ~ Production: 416-996-2786
or email jironside@fivepointsmedia.ca
Several articles pertaining to the tragic death of Jason (Bear) Marche
and details of the negligence and fraud committed by slumlord Jason Hejja can be found at
https://www.fivepointsmedia.ca/justiceforbear.html

Follow our ongoing story about why Verico The Mortgage Station is currently under investigation by the
South Simcoe Police regarding fully-supported allegations of usury, also known as loansharking.
http://www.fivepointsmedia.ca/verico-the-mortgage-station-a-nine-week-nightmare.html

Verico The Mortgage Station - South Simcoe Police Reviewing Evidence of Loansharking

On at least one occasion, Lisa Purchase used a delay to steer me toward a private mortgage at roughly twice the interest rate of the initial offer, which I declined. The brokers were also, in my opinion, cavalier about how their apparent negligence or incompetence was costing our benevolent community service tens of thousands of dollars.


Worst yet, I discovered that the broker I thought I could trust had arranged for a personal loan through another broker at usury levels of interest, also known as loansharking. The rate of interest was set at an illegal 10% per month or 120% per year, twice the legal limit. This crime can be an indictable offence and can carry a punishment of imprisonment for a term not exceeding five years.


All of this and more is what I experienced after making the very expensive and harmful mistake of entrusting the brokers and management at Verico The Mortgage Station, located at 1370 Killarney Beach Rd. in Lefroy.


South Simcoe Police Reviewing Evidence of Loansharking

On Thursday, June 23, 2022, I met with a constable of the South Simcoe Police in order to present the facts and evidence to seek charges of usury, also known as loansharking, against Lisa Purchase and Renee Dadswell, two provincially licensed and purportedly ethical mortgage brokers at Verico The Mortgage Station.

For those not familiar with this story:

I am a journalist with 20+ years of experience in media, both in Canada and abroad. I am also the CEO of the Ontario Community Awareness Network, a benevolent not-for-profit that operates a community media channel called Five Points Media. Our purpose is to help charities and compassionate community groups through donated services.

I made the mistake of engaging the services of Verico The Mortgage Station in Lefroy to finance renovations of our new community studio. The broker, Lisa Purchase, took three times as long as was promised to close the mortgage, and she also disregarded, often with short notice, multiple dates by which she promised to have everything done.

Loansharking in Lefroy? - Verico The Mortgage Station

Verico The Mortgage Station - Title

On at least one occasion, Lisa Purchase used a delay to steer me toward a private mortgage at roughly twice the interest rate of the initial offer, which I declined. The brokers were also, in my opinion, cavalier about how their apparent negligence or incompetence was costing our benevolent community service tens of thousands of dollars.


Worst yet, I discovered that the broker I thought I could trust had arranged for a personal loan through another broker at usury levels of interest, also known as loansharking. The rate of interest was set at an illegal 10% per month or 120% per year, twice the legal limit. This crime can be an indictable offence and can carry a punishment of imprisonment for a term not exceeding five years.


All of this and more is what I experienced after making the very expensive and harmful mistake of entrusting the brokers and management at Verico The Mortgage Station, located at 1370 Killarney Beach Rd. in Lefroy.


This ongoing story is presented in segments to enhance your access to the details:

  1. Email sent to Mr. W. Mark Squire Chief Operating Officer and President at Verico Financial Group Inc - Pending
  2. South Simcoe Police Reviewing Evidence of Loansharking - June 29, 2022
  3. Stonewalling and Silence - June 18, 2022
  4. Loansharking in Lefroy? - June 18, 2022
  5. Incompetence or Negligence? - June 18, 2022

Reviewing the Evidence

The officer asked for and was provided with more than 200 pages of emails and other documents, including the official mortgage files that showed the level of interest being charged on the private loan that was arranged between the two brokers. The big issue as far as the officer was concerned was if the loan agreement included any allowance for administrative or other fees, which it did not. Some companies, such as Pay Day Loan services, use manufactured fees to get around usury laws. However, in this situation, the brokers were not so careful. There was never any mention of any fees, other than interest, before or after the loan was given and the interest was taken by the brokers. In fact, the only time Renee Dadswell ever mentioned any kind of administrative fee was a full four weeks after I had told her fellow broker Lisa Purchase of the crime, and several weeks after the two conspired to remove the money from my mortgage despite being told their actions were a criminal offence under Section 347 of the Criminal Code of Canada. I advised them that the maximum allowable annualized interest that may be charged is 60%, and that interest charged above that level is considered usury and is a criminal offence under Section 347 of the Criminal Code of Canada.

    347(1) Despite any other Act of Parliament, every one who enters into an agreement or arrangement to receive interest at a criminal rate, or receives a payment or partial payment of interest at a criminal rate, is (a) guilty of an indictable offence and liable to imprisonment for a term not exceeding five years; or (b) guilty of an offence punishable on summary conviction and liable to a fine not exceeding $25,000 or to imprisonment for a term not exceeding six months or to both.

To put this into perspective, the crime of usury, or loansharking, is on par with regards to punishment as the crimes of Criminal Harassment, Threat to cause harm or death, and Assault; all of which are indictable offences that carry the punishment of up to five years in prison.

The investigating officer was most interested at the ease by which the brokers from Verico - The Mortgage Station made the loan available, like it was a common thing. We also discussed at length how the brokers, Lisa Purchase and Renee Dadswell, chose to simply ignore me when they were advised of the law that they were breaking; choosing instead to take the interest regardless of apparently knowing they were committing a crime.

This story is being told because financial fraud such as what I was reporting is most often used against people who are in financial plight, which is common right now following two years of a pandemic. I also discussed with the officer how these kinds of dubious financiers often prey on immigrants and the less educated who do not know the laws or who can help them. Lisa Purchase was aware that I am a journalist, so for her to use this illegal practice on me makes me think it was so common and they had done it so many times without repercussions that she did not even consider it a risk.

Several weeks after taking the loan and the interest directly from my mortgage money, Renee Dadswell begrudgingly returned to me some of the interest she had illegally charged me. That was the first time an “Administrative Fee” was ever mentioned. This is a clear cut case of usury, or loansharking, and all that waits to be seen is if the South Simcoe Police will show the integrity required to investigate a group of wealthy financiers who have been shown to prey on their clients while appearing to believe the law does not apply to them.


We cannot ethically include any emails sent to us by the investigating constable, but we can include here my email to him, dated Thursday, June 23, 2022 at 3:06PM, which was about an hour after I left the Alcona office of the South Simcoe Police.

    Constable ---

    Thank you for taking the time to meet with me today. The article we discussed can be found at http://www.fivepointsmedia.ca/verico-the-mortgage-station-a-nine-week-nightmare.html

    I have attached for now one email back and forth between Lisa Purchase and me. In it, I broke down the entire drama that was this nightmare of a mortgage process, including as follows:

    “The loan of $2000.00 that was made based on a 10% monthly interest rate, 120% per year, is now suddenly going to cost me $2500.00?”

    In her response, Lisa Purchase acknowledged that the interest rate was as I noted it to be:

    “I agree with everything you have said. This is unacceptable and if there was any way I could have sped things up, I would have.”

    In a later email, which I will find for you, Lisa Purchase reiterated her belief that all of my complaints were valid.

    I have much more evidence coming to you by tomorrow, including the email in which Lisa Purchase outlined the rate of interest. I have to find it amongst the many emails.

    I also have at least half a dozen emails that I sent to Lisa Purchase and Head Broker David Flude explaining the bases of my claim of usury both before and after they withdrew the money from the mortgage.

    I allege that the brokers and management of Verico - The Mortgage Station knew this was a criminal offence before they took the money and as such their act was premeditated.

    They also evidently feel a sense of privilege and entitlement, not to mention influence, as they committed the act knowing I knew it was an illegal act under Section 347 of the Criminal Code of Canada.

    I repeatedly referred to the interest rate as being illegal and to their actions being indicative of the crime of usury. However, never once did either of them refute my claims, nor did they ever discuss administrative fees or other excuses for the loansharking levels of interest.

    I will reach out to those who have contacted me with similar stories and ask if they are willing to allow me to release their contact info to your Criminal Investigations Division. I hope you understand that as a journalist I must protect my sources.

    Finally, I need to analyse the data more fully, but according to the visitor logs of my website, it would appear that at least one of Canada’s larger mainstream media sources has taken an interest in this story.

    Regards,
    John Ironside
    Producer / Director
    Five Points Media
    A division of the Ontario Community Awareness Network
    A registered not-for-profit
    Big Blue Box Studios
    1-310 Innisfil St. (corner of Essa Rd.)
    Barrie, Ontario, L4N 3G3

Countup

Only The Guilty Hide:

This clock shows how long it has been since this article was first published late in the morning on June 18, 2022. Since that date, our claims and allegations have been read by thousands of people as our various social media accounts and the shares and comments of others have directed readers to our website. Regardless, the management and brokers of Verico The Mortgage Station have done NOTHING to silence our story or refute or allegations.


While the guilty hide in shadow, people of good conscience will raise the light to reveal the truth.
My name is printed clearly on the bottom of every page of this article.


Verico The Mortgage Station asserts sales of $5 million a year, so if what we are reporting here is not 100% accurate and fully backed with evidence, they would have retained legal counsel to seek an injunction, or to threaten to sue us for defamation, or to take some form of quasi-legal action to protect the reputation of their business. However, they have not done so, and have in fact done nothing to even try to legitimize their actions that were in truth criminal. Now the South Simcoe Police are reviewing the hundreds of pages of emails and other documents that show the truth about how the brokers of Verico The Mortgage Station committed the crime of usury, or loansharking, by charging a level of interest at an annual rate of 120%, which is twice the legally permitted limit.

Apparently, the brokers and management of Verico The Mortgage Station believe they can simply ignore the crime they committed and the apparent negligence or incompetence that caused a benevolent not-for-profit to lose thousands of dollars. However, if that is true, they have not considered search engines and the interest that is already being shown in this article by some of Canada's larger mainstream media outlets. Today, most news stories are being broken by small independent media sources.


Other Facts:

This article is a personal story about what happened to me when I made the mistake of refinancing the studio and production facilities of our benevolent not-for-profit community channel through Verico The Mortgage Station. I cannot claim to be neutral in my reporting, but all claims made in this article are backed by multiple pieces of emperical evidence. I am relying on the emails and other evidence to support my claims.

David Flude, the Principal Broker at Verico The Mortgage Station, was asked by me to contribute to this article before we released it. He chose instead to hide from his apparent negligence and the crimes of his brokers. On Friday, June 26, 2022, I sent a message to Mr. W. Mark Squire, Chief Operating Officer and President at Verico Financial Group Inc. via LinkedIn and the website at www.verico.ca. Again, we have received no reply. There is no logical reason that these professionals would evade our allegations unless they know them to be true.


Investigative Journalism by John Ironside, Producer/Publisher, Five Points Media
A division of the Ontario Community Awareness Network, a provincially registered not-for-profit community media service
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