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Mortgage Broker News | 20 Oct 2014, 10:44 AM Agree 0
The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers and industry professionals about an unlicensed mortgage brokerage that is soliciting the public to invest in a condo project in Toronto.
  • Angela Wong-Liao - Invis Inc | 20 Oct 2014, 12:24 PM Agree 0
    I am always disturbed and appalled by some of these investment schemes and the only motivation for these schemes is 'Greed'. As a mortgage professional, we have our fiduciary duty to guide and protect ourselves and consumers against any mortgage fraud and investment schemes.
  • Glenn May-Anderson | 20 Oct 2014, 01:57 PM Agree 0
    Once again, kudos to FSCO for weeding out non-licensed activity in the brokerage space. These individuals and companies do nothing but harm us all by refusing to play by the rules, and bring down those of us who are legitimately doing business in the space.

    Angela, by "investment scheme" I believe you are referring to those who would intentionally mislead potential investors for the purposes of fraud, or those who do not perform their fiduciary duties as required when working with a potential investor. I would only add that there are plenty of brokers out there who work with private investors on a regular basis, either individually or as part of syndicates, that do so properly and by-the-book.

    FSCO is helping us all by identifying those who will not do so legally, and warning the Ontario consumer to avoid them.
  • William Lo (Lend At Lease) | 20 Oct 2014, 04:58 PM Agree 0
    I went to one of their presentations and I smelt something was not right.
  • Metro Zen | 21 Oct 2014, 11:35 AM Agree 0
    We at Metro Zen do not solicit investments form general public at large.

    We work with licenced professionals, such as:
    Mortgage Agents, Mortgage Brokers and licence financial advisors.

    Zen Mortgages Corp businesses are transacted through MS Mortgages Solutions licensed by FSCO, License #12321.
  • Glenn May-Anderson | 21 Oct 2014, 12:23 PM Agree 0
    OK, Metro Zen - If that is true, then please (a) state your actual name, so we know who the licensed individual is who is posting this comment, and then (b) explain the following:

    In each case above, Metro Zen is listed as the company providing the syndicated mortgage investment activity. In NONE of these cases is a mortgage brokerage listed, named, or numbered. Only your company. And they are ALL soliciting investments from the general public.

    This is Unlicensed Activity, per the FSCO warning. You, and the individuals named in the bulletin, are violating the MBLAA and its Regulations.

    Otherwise, FSCO would not have issued the warning to the public.
  • Metro Zen (Canada) Inc | 21 Oct 2014, 01:09 PM Agree 0
    Further, I would like to reiterate that any potential lender to Metro Zen is represented by their mortgage agent, mortgage broker, or financial advisor. In addition, they are further represented by the lender’s lawyer.
    We have learned from so many of our competitors, who have gone through their fair share of challenges to operate within an industry where FSCO is guiding anyone who is operating in this space. FSCO’s representatives along with our law firm Bennett Jones LLP have been guiding us to be in compliance.
  • Glenn May-Anderson | 21 Oct 2014, 01:49 PM Agree 0
    Metro Zen, your responses simply indicate how poorly you understand the MBLAA and its Regulations, and the mortgage industry in general.

    A financial advisor cannot offer this product unless duly licensed as a mortgage agent or broker, or referring to one. Again, you are not a licensed brokerage.

    An investor is not represented by their agent or broker, they are relying on this agent or broker for guidance.

    FSCO is not guiding anyone. They are enforcing the law and the regulations. They published a public warning because you are not following the Act and Regulations.

    So, if you are learning from "competitors," you are either learning from other firms that are also conducting business improperly, or you are not learning enough from those doing it right. Hopefully your lawyers will guide you to doing it within the Act and Regulations. Until they do, I would suggest you help us all out by ceasing to offer your product until you understand the rules, advertising guidelines, etc.

    A FSCO public warning is a serious offence for any company, and hurts the entire industry. You are not even a licensed mortgage broker or brokerage. You might want to get on that one first.
  • Akwa Ibom | 07 Apr 2015, 01:50 PM Agree 0
    Is this man a dreamer or a schemer?

    Pannirshelvan Kannuthurai
    President and CEO of Metro Zen, Inukshuk Foundation, Kannuthurai
    Toronto, Canada AreaConstruction

    Metro Zen (Canada) Inc., Inukshuk Foundation

    Canadian College of Business and Computers (CCBC), Professeurs Pour Liberté

    University of London

    Metro Zen (Canada) Inc.

    Inukshuk Foundation

    Professeurs Pour Liberté

    Canadian College of Business and Computers (CCBC)

    Foreign students attending Toronto's Canadian College of Business and Computers, housed in a townhouse near Yonge and Bloor Sts., lost thousands of dollars in unpaid refunds last year, when the province closed the college following complaints about the quality of its programs and facilities.
  • Vijay | 10 Jun 2018, 12:58 PM Agree 0
    These culprits always bank on your greediness. So don't complain if you are too greedy and prepared to go to any extent to make money. You must make sure you know what you are doing. If someone promise any abnormal return for your money, it is too good to be true.
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