Verico The Mortgage Station - A Nine Week Nightmare
For most individuals and families, the decision to buy a house is the biggest investment of our lives. So much can go wrong, so when it comes time to take the plunge, we need to know we can trust the broker who will arrange our mortgage, and that they will always have our best interests at heart.
What we do not expect is that the broker will take three times as long as they promised to close the mortgage, that they would disregard multiple dates by which they promised to have everything done, or that they will be cavalier about how their very evident negligence or incompetence is costing their client, a benevolent not-for-profit, thousands of dollars every week that they stall the process.
Worst yet, you do not expect to discovering that the broker you thought you could trust was charging you usury levels of interest on a loan that is the textbook definition of loansharking.
Not only is this practice considered by society to be morally bankrupt, but it is also an indictable offence under Section 347 of the Criminal Code of Canada. The evidence of this crime is now being reviewed by South Simcoe Police, and will soon be investigated by the provincial Financial Service Regulatory Authority.
On April 29, 2022, the day she absolutely promised the mortgage would close, it didn't and Lisa Purchase used the unexplained delay to steer me toward a private mortgage at roughly twice the interest rate of the initial offer, which I declined. The brokers at Verico The Mortgage Station were also, in my opinion, cavalier about how their apparent negligence or incompetence was costing our benevolent community service tens of thousands of dollars.
Illegal loansharking, textbook bait and switch on mortgage rates, multiple unexplainable delays, and a string of issues pertaining to quite obvious negligence, incompetence, or apparent attempted fraud are what I experienced at Verico The Mortgage Station, located at 1370 Killarney Beach Rd. in Lefroy.
More recent stories, including reports published in 2023 can be found at
This ongoing story is presented in segments to enhance your access to the details:
- Email sent to Mr. W. Mark Squire Chief Operating Officer and President at Verico Financial Group Inc - Pending
- South Simcoe Police Reviewing Evidence of Loansharking - June 29, 2022
- Stonewalling and Silence - June 18, 2022
- Loansharking in Lefroy? - June 18, 2022
- Incompetence or Negligence? - June 18, 2022
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, incompetence, or attempted fraud 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.
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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