A firm that describes itself as an “international investment training company” has attracted the attention of an Ontario regulator.
The Financial Services Commission of Ontario (FSCO) says that 1PLUS12 is not licensed to conduct mortgage brokering or administration business in Ontario.
The regulator is warning consumers that the firm is not regulated by FSCO and that 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 investment fraud and Peel Regional Police have confirmed that they will be investigating the matter.
FSCO says that the following individuals are reported to be associated with 1PLUS12 and 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
The regulator has stressed 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.
It says that potential investors should ensure they receive this disclosure and review it carefully and strongly encourages all potential investors, including consumers and retail investors, to seek independent financial and legal advice before investing.
FSCO also highlights that consumers who invest through unlicensed individuals or firms are not protected by the Mortgage Brokerages, Lenders and Administrators Act and its regulations.