On March 27, 2024, our Producer was in downtown Barrie, meeting with a representative of one of Canada’s 'Big Five' banks to discuss short-term investments that would help to strengthen the larger part of the budget we are due to receive forthwith to complete research and production of this documentary about mortgage fraud in Canada. It did not take long for the subject of the production to be raised or for the jaw of the banking professional to hit the floor. The next words out of their mouth were: “Is this person mentally ill? I mean you don’t let something like that be told about you. If it is true, you fix it, and if not, you silence it.”

Our Producer then passed on the details of the amount borrowed and the amount taken just 46 days later in interest and fees, and the banker said clearly, “That’s a highly illegal rate of interest. Has the brokerage owner spoken with you about it, or the Financial Services Regulatory Authority of Ontario (FSRA)?

Our Producer advised the banker how David Flude, the Principal Broker at Verico the Mortgage Station refused to meet even after stating in writing that not doing so was a violation of the ‘regulatory requirements’ of the Financial Services Regulatory Authority of Ontario (FSRA), and that he then hid for almost two years, after lying six times in two emails (1) (2) to evade investigation by the Financial Services Regulatory Authority of Ontario (FSRA). Then the former international journalist went on to describe how David Flude lied about us to his clients, including a new client who sought a mortgage of $800,000.00, but ended up taking her business and a commission of about $8,000.00 to another broker after calling out the repetitive liar and supporting the truth of our reports and videos. You can see the entire email here.

The conversation lasted a bit longer than was intended, with the banking professional becoming more clearly dismayed as the truth of this story was revealed. They made statements like “this is unbelievable”, “brokerages lose their licenses over stuff like this” and “he cannot just ignore you and walk away with your money.”

The banker was even more disgusted when they learned how the Verico Financial Group Inc. and HomeEquity Bank had also both ignored the complaint, even though they had both received non-redacted copies of the evidence that proved how Renee Dadswell had charged 198% in interest and fees on a short term loan that was only needed because Lisa Purchase had dragged out the lending process from the promised three weeks to more than nine. The banker explained the purpose and powers of the Financial Services Regulatory Authority of Ontario (FSRA) and strongly suggested that our Producer should file a complaint, as clearly what he was describing was usury, or loan sharking, which upon conviction carries with it a prison sentence of up to five years.

Given the seemingly unethical actions of the detectives of the South Simcoe Police Service, our Producer is very incredulous about the validity of the Financial Services Regulatory Authority of Ontario (FSRA). This skepticism is well-founded, as ethical police officers do not omit key evidence and knowingly falsify calculations in order to exonerate those who commit crime, but that is what they did when they chose to ignore the bank statement and the mortgage funds disbursement record, both of which are what is known as first or top-level evidence as it comes from a certified source and is third party. No police officer undertaking any kind of legitimate investigation would set aside or omit such evidence. Our followers will have to decide for themselves what could have been offered by these multi-million and multi-billion-dollar corporations to ‘motivate’ the young detective to take such action.

When he returned to the studio, our Producer went to the website for the Financial Services Regulatory Authority of Ontario (FSRA) and filed a request to interview Mark White, CEO.

When you want something done right, you go right to the top.

Our producer’s message read as follows:

I am the principal producer of community programming at Five Points Media - https://www.fivepointsmedia.ca. We are a benevolent, not-for-profit, provincially registered media service that donates all services to local charities, not-for-profits, and benevolent community groups. Since 2014, we have donated to those in need within our community more than 350 educational and fundraising videos, valued at more than $700,000.00 in services. In 2020, at the height of the pandemic, our crew was nominated and voted to the highest levels for an award for altruism that was presented by the City of Barrie and the Barrie Chamber of Commerce.

I am advising you of this as I have no doubt your office is aware of a documentary we are currently producing about usury, or loan sharking, that was committed against me by the brokers at Verico the Mortgage Station, located in Lefroy. As is supported by evidence on our website at https://themortgagestation.tv the brokers charged me 198% interest and fees on a short-term loan, when the legal limit is 60% in extreme circumstances.

From what I have seen from emails written by the Principal Broker, David Flude, to at least one other person, some colourful stories are being told as a smoke screen about me and our exposé documentary. It is also a fact that after trying to brush off my fully supported complaint, a detective of the South Simcoe Police Service was ‘motivated’ to omit key evidence like a bank statement and the mortgage funds disbursement record created by the brokers at Verico the Mortgage Station, which they did without explanation. The detective also used incorrect calculations to justify the criminal offence by calculating percentage rather than interest.

Given my experience so far, I have very little confidence in any official agency as I understand the influence afforded a multi-million-dollar brokerage that is backed by a multi-billion-dollar bank. It is for that reason that I have not filed a complaint with the Financial Services Regulatory Authority of Ontario (FSRA). We have been telling this story for more than 650 days, but our reports and videos have not been challenged in any way by any party. An anonymous individual emailed me the threat of a court-scorned intimidation-motivated Strategic Litigation Against Public Participation (SLAPP) lawsuit. However, the brokers at Verico the Mortgage Station and their allies have not manifested the courage to file it with any court.

I am writing to put on the record that your office has been informed of this documentary, and of my allegations, the full details of which can be found at https://themortgagestation.tv I also wish to arrange a time when I could interview on camera Mr. Mark White, CEO, Financial Services Regulatory Authority of Ontario (FSRA), or an appropriate alternative.

If, after having viewed some of our reports and videos, you wish me to file an official complaint I will do so, but I simply do not want to waste any more time pushing through privilege as I did with the South Simcoe Police Service and Simcoe County Council. Details of both can be found at https://themortgagestation.tv.

Our documentary is being produced for broadcast television and streaming services and is not only about the fraud I experienced at the hands of the brokers at Verico the Mortgage Station. I will reach out in the near future when we move on to other stories that are being provided to us by some of the thousands of people who have found our reporting.

I look forward to hearing back from you regarding our proposed interview.

John Ironside
jironside@fivepointsmedia.ca
416-996-2786

Six hundred and fifty days ago, David Flude, the Principal Broker at Verico the Mortgage Station, told our producer that if he had a complaint, he could file it on his own with the Financial Services Regulatory Authority of Ontario (FSRA). That was proposed only after David Flude reneged twice in two emails (1) (2) to evade investigation through the Financial Services Regulatory Authority of Ontario (FSRA) by refusing to meet with his client at the offices of the brokerage to discuss the allegations and file the complaint.

David Flude had noted that the meeting and writing the report were ‘regulatory requirements’ of his license that could not be ignored or 'kicked to the curb'.

Given the brazen abuse of public trust demonstrated by the detectives of the South Simcoe Police Service, David Flude’s ‘advice’ has always seemed like a self-serving demand. After all, if the multi-million-dollar brokerage and their multi-billion-dollar allies could ‘motivate’ a local police detective to help them by omitting key evidence of their crime and falsifying calculations, then it seemed likely they could have a similarly lucrative relationship with any local agent connected with their business or that of their allies.

It should be noted that at no time has any identifiable representative of Verico the Mortgage Station, nor their allies at either Verico Financial Group Inc. or HomeEquity Bank, or the South Simcoe Police Service ever contested ANY of the claims we have made publicly since we first started reporting on this story on June 18, 2022. That is very strange behaviour for multi-million and multi-billion-dollar corporations, especially considering that we are a small, not-for-profit social enterprise, and it is unexplainable when considering the reputation of the South Simcoe Police Service.

You can be assured that if we were lying, at least one of these businesses or public authorities would have taken us and our evidence before a Justice of the Superior Court.

This reality should draw attention when the Financial Services Regulatory Authority of Ontario (FSRA) take into consideration the credibility of our claims beyond the benevolent nature of our service that has donated more than $700,000.00 in services through the donation of more than 350 educational and fundraising videos to greater than 180 local charities, not-for-profits, and benevolent community groups. David Flude will not be able to simply write us off as an ‘agitator', as he tried when lying to a prospective client who came to him looking for an $800,000.00 mortgage but ended up going somewhere else after finding our reports and videos.

By writing directly to the CEO, as media, we bypass the risk of low-level interference and any risk of influence peddling.

Our status as Producers is also quite a bit different than it was when we started. Now, we have a considerable following and a pending budget that will allow us to retain counsel to pursue the truth through court action if there are any more backroom shenanigans. Also, David Flude has had almost two years to address this issue, which he was obligated to do by 'regulatory requirements' 650 days ago. Now, he has to explain why he spent that entire time with his cranium thoroughly impaled within his posterior . . . metaphorically speaking of course.

The management teams of Verico Financial Group Inc. and HomeEquity Bank are also going to have to explain why they declined to review the fully supported initial complaint made by their shared client, and why they have taken no action during more than 650 days to quell these very public allegations that are becoming a black eye to the mortgage broker industry.

The Financial Services Regulatory Authority of Ontario (FSRA) is also in a very difficult position than were the South Simcoe Police Service as we have already gone very public regarding how they mishandled the claim of usury or loan sharking, and how they ignored and omitted key financial evidence and faked the math to help the multi-million-dollar brokers at Verico the Mortgage Station to evade criminal prosecution for a serious indictable offence. If the Financial Services Regulatory Authority of Ontario (FSRA) does likewise, they can be guaranteed to explain themselves before a Justice of the Superior Court, as now that we have our budget, we will file claims regarding abuse of public trust against them and the South Simcoe Police Service. Charging 198% in interest and fees on a short-term loan is an indictable offence punishable upon conviction by a sentence of as much as five years in prison, and if it takes presenting the evidence to a Justice of the Superior Court to show the abuses of trust so far, then that is the path we will follow, reporting the truth all the way.

We do not claim to have a lot of faith in any government agency, but we will be happy if the Financial Services Regulatory Authority of Ontario (FSRA) truly operates outside the circles of ‘motivated’ self-influence.

This story has expanded for one reason; David Flude and his allies chose to ignore their obligations and disregard their ethics, resulting in our audience growing. If we had been at all inaccurate in our reporting, you can be assured that one or all of these multi-million and multi-billion-dollar corporations would have sued us as they threatened to do with specific threats being made to our twenty-something-year-old interns and apprentices. However, despite the bravado they haven't taken any action, and for good reason. They would also have sought injunctive relief to stop our reporting, but again they have lacked the courage to try.

Their willingness to huff, puff, bluff, and threaten our young interns, yet take no action should speak volumes.

One broker, Renee Dadswell, took advantage of a client so she could line her pockets with ill-gotten gains. Instead of dealing with that reality, David Flude tried to put up firewalls to protect her, and he dragged in the support of Verico Financial Group Inc. and HomeEquity Bank, before ‘motivating’ support from the South Simcoe Police Service. Now, for the sake of a few hundred dollars and the damage done to our benevolent not-for-profit social enterprise that donates all services to local charities, not-for-profits, and benevolent community groups, the brokers at Verico the Mortgage Station and their allies at Verico Financial Group Inc. and HomeEquity Bank are all enduring the wrath of public exposure, which is only going to grow much larger due to our new social media campaign and the implementation of new digital tools that we can now afford due due to the pending arrival of the largest portion of our production budget.

It likely feels like much longer, but this website has only been online for three months, during which time we had very little to time or resources to invest in this project.

They could have nipped this in the bud almost two years ago, as was noted by the banker our producer saw on Thursday, who asked “Is this person mentally ill? I mean you don’t let something like that be told about you. If it is true, you fix it, and if not, you silence it.” Instead, David Flude, Renee Dadswell, and Lisa Purchase, the brokers at Verico the Mortgage Station, and their allies W. Mark Squire, President and Chief Operating Officer, Verico Financial Group Inc. and Yvonne Ziomecki-Fisher, Executive Vice President Marketing and Sales of HomeEquity Bank, chose to collectively bury their heads in the sand and convince themselves that we would just go away. Their plan, evidently, was to escape from their ethical questionability actions scott-free, but it hasn’t worked out that way, and that is not about to change. Now, instead of conversing and resolving the fully supported complaint at little if any expense, the brokers at Verico the Mortgage Station are losing business, they are the subject of local scrutiny, which is only going to grow through our social media campaign, and they are becoming the scorn of their industry in which they are making all mortgage brokers and lenders look bad.

Now they face official action and responsibility for their actions, along with much more exposure.

As was said by Elizabeth, the potential $800,000.00 client who was lost to David Flude due to her finding our reports and videos:

“Mr. Flude. You truly must think people are stupid, and your explanation is insulting. After receiving your response I read everything Ironside posted about you and I watched all of his company's videos. His work is clean well produced and professional, unlike your accusations that appear vacuous unsupported and offensive to the intelligence of other people. If he was what you claim he would not be putting his name on his work, and you would have sued him a long time ago as he openly taunts you to do more times than I could count. I even went back to watch some of his other videos. The man has credentials from work all over the world and he was selected for an award for altruism in Barrie. nonetheless, you paint him as simply an agitator. You insult me sir as you do anybody to whom you tell that lie. You also fail to mention that those people he - agitated - all lost to his eviednce and several were convicted or fined as criminals. That means he was right, and it is why you will not fight him in court.. Have you watched any of the videos he has produced for the hundreds of charities that are not about your company? I doubt it, but I did. Not all 300 plus of them, but enough. He has worked with everybody from multiple mayors to the chiefs of police. That is one well-connected agitator. I once worked in the courts many years ago and clearly, your agitator is somebody who stands up as we all wish we could. I read through your cover story like you are stamped on tracing paper. As you can see I have copied this email in full to your agitator and i am granting Mr. Ironside my consent to use it as he wishes. I think he is doing a damned good job exposing you and your agents and I would even be happy to chat with him on camera. I am ever so glad I found his reporting about your business. I will also be asking if he can recommend an honest broker. Do not insult me again by trying to whitewash your actions. I will advise my friend of what I have learned and I doubt they will be coming to you for any renewals. i admit I have been angered by your deceptive response as i do not like being lied to. I do not want to hear back from you again. E.” The full email can be found here.

We are quite sure that the South Simcoe Police Service never expected us to go public with allegations against their detectives, especially in the form of two scathing videos. However, they have never contested a single point raised in our videos and reports. That very public exposure, and our willingness to tell all in a very direct fashion, even against police and other official organizations, like Simcoe County Council, will likely help to guarantee that the Financial Services Regulatory Authority of Ontario (FSRA) ensures that their agent is not similarly ‘motivated’ to side blindly with the multi-million-dollar brokerage and their multi-billion-dollar allies, and that ALL evidence is reviewed and considered in their ruling.

Ninety-seven per cent of our followers agree that it is obvious why the brokers at Verico the Mortgage Station and their allies have hidden from this story for more than 650 days.