Lies, Manipulation, and Loansharking – Verico the Mortgage Station
During the past five months, the crew of our not-for-profit community media service has been working extensively to educate seniors in Simcoe County about a threat to their financial security. Now, our work is being turned into a documentary for broadcast and streaming services that could easily influence many of the rules that govern the mortgage industry, especially with regard to protecting our most vulnerable citizens.
This is important for residents of Simcoe County, as the brokerage we are focusing on, although not exclusively, is Verico the Mortgage Station located in Lefroy. We are currently working on moving the full content of our work to a stand-alone website at https://www.themortgagestation.tv and currently, that link will forward you to the content found at https://www.fivepointsmedia.ca/index-verico-the-mortgage-station-loansharking-in-lefroy.html
As we have demonstrated using extensive empirical evidence, the brokers of Verico the Mortgage Station have willfully and knowingly defrauded their senior and veteran clientele, whom they target through the offer of CHIP Reverse Mortgages made available through the HomeEquity Bank that is owned by the Ontario Teachers’ Pension Plan Board.
In this segment, entitled “Lies, Manipulation, and Loansharking”, we show how after committing the indictable offence of usury, or loan sharking, the brokers of Verico the Mortgage Station were called upon to prove the validity of their actions to their governing body, the Financial Services Regulatory Authority of Ontario (FSRA). However, instead of substantiating their illegal actions, they simply walked away, ignoring what they admitted were “regulatory requirements” that are intended to ensure they are honest enough to maintain their license.
During the production process, we broke the silence and showed evidence that suggests apparent police corruption and a complete lack of concern being demonstrated by Simcoe County Council regarding the financial safety of seniors. Those videos can be found at the links above.
These accusations, which are uncontested, infer that the seniors of Simcoe County, who built much of our community and who have contributed more than anybody in taxes and support for infrastructure, have been abandoned by the South Simcoe Police Service and Simcoe County Council, and are being left to the dubious and unmonitored criminal abuses of this brokerage.
The evidence referred to in the video can be found in the article below.
The character of a person is judged not by their words, but by their actions. We live in a society where certain jobs require a professional level of honesty and integrity as a condition of being entrusted with the right to perform specialized services.
Consider the public response if a doctor is found to have acted inappropriately when a patient was under anesthesia, or if an electrician is determined to have caused a serious fire by cutting corners. These same expectations are reasonably applied to financial professionals and should be doubly so when governing those who specifically target potentially vulnerable seniors.
As is the case with narcissists, pathological liars are adept at working their way into positions of trust. This is dangerous for a variety of reasons.
- A pathological liar lies five to six times a day, and they are unable to control their dishonesty due to an underlying mental health disorder.
- A pathological liar can never admit they lied, and if confronted, they will act defensively and choose to hide rather than support their deceptive claims.
- A pathological liar holds no value for truth or honesty and rather than acting in an ethical way, they will try to justify their wrongdoing through gaslighting and twisting the facts to meet their narrative.
Nobody would choose a pathological liar to represent their interests, or those of their parents, who go to a mortgage brokerage to sign up for a CHIP Reverse Mortgages, being provided by the HomeEquity Bank. This is why the con-artist is skilled in manipulation and misdirection, so they can deny their own false claims and promises through gaslighting and bigger lies.
We are not qualified to diagnose anybody as being a pathological liar, but the following facts are easily confirmed:
- David Flude, the Principal Broker at Verico the Mortgage Station, lied at least six times in two emails regarding our allegations of usury, or loan sharking, and he refused to schedule a meeting in order to file a report with the Financial Services Regulatory Authority of Ontario (FSRA) that he said was “regulatorily required” of him to do.
- David Flude decided to ignore his legal obligations to this client and the FSRA and chose instead to hide for more than a year rather than refute our allegations of usury, or loan sharking, in a court of law or through an on-camera interview.
- When confronted with the evidence that Renee Dadswell, one of his brokers at Verico the Mortgage Station, had charged nearly 200% interest on a short-term loan, and had committed the indictable offence of usury, or loan sharking, which is punishable by a prison term of up to five years, David Flude replied:
“This short-term loan provided to assist you in making your previous mortgage payment obligation, in my opinion was a generous and helpful deal.”
Although only speculation, the path of rational comparison is not hard to follow.
“Hi John. I appreciate the detail provided. There is a lot there to read & consider which I'll be doing over the next few days. We'll be in touch again after we do a review of things in some detail. My goal is to have an accurate and honest review so that we can have a full discussion of this from start to finish. Please be patient on that. If you have anything you wish to advise about in the meantime, don't hesitate to reach out. Thank you, David.”
Then, on May 30, 2022, two weeks later, David Flude promised as follows:
“Good afternoon John. You have not been kicked to the curb. We have to address this and report to our regulator so no chance of it being ignored. There was a covid event at my house & Lisa had a few days off but we have begun our review. My goal is to hear your concerns, ensure we followed our requirements and provided what you needed. We'll find out where the "issues" were and have a discussion with you. This is a very rare occurrence for us so we have to consider many issues while preparing. You've made a number of points below - I'll provide insight on those as well. Feel free to provide thoughts as you need to & I'll be in touch. As a reminder, this is a regulatory requirement so it won't be pushed aside. Thank you, David.”
These promises were lies, told one after another in rapid succession by David Flude, a financial broker who is licensed by the province of Ontario based on the premise that he is honest and trustworthy. The excuses he used served only to allow David Flude to evade responsibility so that the brokers of Verico the Mortgage Station could make the truth of their crimes fade with time.
The promised meeting, that was reported by David Flude to be a “regulatory requirement” was very much “pushed aside” and the report for the Financial Services Regulatory Authority of Ontario (FSRA) was never completed, or at least not with any input being requested from the complainant.
David Flude simply lied repeatedly to avoid dealing with explaining the crime of usury, also known as loan sharking, that was committed by his broker, Renee Dadswell, with his assistance and that of Lisa Purchase, along with various other serious issues.
These are not the actions of an ethical professional, and David Flude’s obvious need to avoid explaining himself goes a long way to support our publicly stated concerns that the brokers of Verico the Mortgage Station motivated local police to look the other way and disregard their crimes.
Unlike David Flude and his brokers, we are not hiding nor mincing our words. We don’t need to do so as we are telling the truth, and we can back up everything we say.
The loan sharks of Verico the Mortgage Station chose to willfully disregard their ethical obligations to the client they had defrauded by usury, and they completely ignored their self-identified legal responsibilities to the government regulating body that determines if they are trustworthy enough to be given a broker’s license. This is not speculation or opinion, but hard fact that is backed up fully by the promises made by David Flude in writing from an email account linked to his business. A link to that full email is included in the root page of this video.
On May 9, 2022, our Producer wrote to Lisa Purchase venting his frustration and explaining his belief that he was being played and defrauded. As she had done in a previous email from ten days earlier, Lisa Purchase conceded to the validity of our Producer’s allegations, but in doing so she blamed everybody else for her actions.
“Lisa. Once again, this newest of a list of new dates is conditional on an uncontrollable third party that can be blamed for any further delays: “and your private lender sends in the current discharge statement today (ordered a week ago)”. That just gives you yet another excuse not to make that date. Despite my telling you repeatedly how much the multiple delays have cost me; you still look for loopholes to evade responsibility. Also, this still leaves me hooked on paying an illegal loan shark level of interest on that loan without you or the lender being held in any way culpable for your actions. There is also no suggestion of any kind of your company accepting any responsibility for this roller coaster misadventure that has cost me so much money due to no fault of my own. I will remind you that in your email of April 29th, you noted: ‘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.” As I noted earlier, I honestly don’t know how you stay in business.”
As she had done in a previous email from ten days earlier, Lisa Purchase conceded to the validity of our Producer’s allegations, but in doing so she blamed everybody else for her actions.
“John. I still agree with everyone you've said. I have never dealt with this level of poor service from either this lender or FCT. I have also been repeatly given timeliness that have not been met. . . The ridiculous amount of time, I cannot correct.”
In an email dated June 14, 2022, several weeks after she had skimmed an illegal usury level of interest from the mortgage, and at a time when our Producer was stating his intent to sue the brokers of Verico the Mortgage Station, Renee Dadswell suddenly experienced a change of heart, about the money she had taken from the mortgage.
“In reviewing the document, you are correct in stating that since the term stated was very short, that the amount of the administration fee would exceed the limit of an allowable cost of borrowing.”
On Thursday, October 26, 2023, a woman, who for reasons of safety we will identify only as Elizabeth, forwarded to us a true copy of an email conversation she had undertaken with David Flude.
“Good morning Mister Flude. I am moving from the city with my children into an all-seasons cottage on Lake Simcoe. I was recommended by a colleague to contact you to discuss mortgage options. The property is valued at $1.4 m, and I have about $600,000.00 available. I am self-employed and this is my first house purchase. What would be the first steps?”
A word for word verbalization of the conversation is not required as you can pause the video and read the content. Sufficed to say, as is proving to be the case more every day, Elizabeth found the truth we have published and supported with evidence, and the result was not good for David Flude.
The simple fact is that most people find our uncontested reporting and evidence before contacting the loan sharks of Verico the Mortgage Station, so David Flude and his brokers will never know how many potential marks found us and felt similarly to Elizabeth but were not polite enough to reply or even enquire about services once they had seen the truth.
“Mr. Flude. Thank you for getting back to me, but after I emailed you I Googled your name and your business, and I am sure you know what I found. I will be discussing options with other brokers. Elizabeth”
What was interesting is David Flude’s reply and the unsupported allegations he made to cover for his own unethical actions and those of his brokers of Verico the Mortgage Station that are now being exposed to the public.
“The info you and everyone else can see is from a repeat serial agitator. He has been to court numerous times against neighbours, local politicians and we have had nothing but support from our mortgage associates. I will never give out personal info but will say simply - this person will NOT take the complaint to our regulator (FSRA) because there is nothing there. I've told my insurance provider, our network, our legal counsel and my regulator (FSRA) of this situation. There is nothing aside from a severely disgruntled individual trying to promote his own business. There were multiple police investigators who reviewed this too. Again, nothing.”
No person who is not prone to chronic and repetitive lying would claim a well-known philanthropist and supporter of the community is a “serial agitator”. Not only has our crew fully donated more than $700,000.00 worth of services to at least 180 charities and benevolent groups in our community, during the peak of the pandemic, we were nominated for the “Paying It Forward” award for altruism that is presented by the Barrie Chamber of Commerce and the City of Barrie.
As we have all witnessed during the past six years watching American politics, a narcissist is incapable of understanding that they have done wrong. They see only their side and are completely myopic in their vision. Obviously, we cannot diagnose anybody in this story as having any mental disorder, but the following has been fully documented and accepted as fact by the majority of those following this story:
- Renee Dadswell admitted via email to charging almost 200 per cent interest on a private loan through the use of illegal fees. She also very reluctantly refunded some of those costs under pressure of exposure. No innocent person would have done so.
- Our producer requested repeatedly to meet with David Flude and to file a report with the Financial Services Regulatory Authority of Ontario (FSRA).
- To avoid that audit of their illegal practices, which include investigation into usury or loan sharking, David Flude, the principal broker of Verico the Mortgage Station lied six times in two emails and then failed to ever book the meeting.
- David Flude admitted that the meeting and the report were “regulatory requirements” that could not be pushed to the side, and he claimed our producer was not being kicked to the curb or ignored.
- Lisa Purchase has admitted in writing twice to all of the allegations made by our producer.
- David Flude had more than a year during which he could have and was legally obligated to meet with our producer and write a report for the Financial Services Regulatory Authority of Ontario (FSRA). He chose to do neither.
- It is not our producer who has avoided filing a report with the Financial Services Regulatory Authority of Ontario (FSRA). David Flude has done everything in his power to avoid the scrutiny of an audit by his business’ regulator.
- We have already seen how David Flude manipulated or motivated detectives of the South Simcoe Police Service to act in his favour, going so far as to omit evidence, which is a crime, and we feel it is likely that David Flude has a similarly lucrative relationship with whatever civil servant monitors his business.
- We have chosen to request a truly unbiased investigation by the Ontario Provincial Police before we file a complaint with the Financial Services Regulatory Authority of Ontario.
- The purpose of this video is to warn potential victims of the brokers of Verico the Mortgage Station, which we do best through video and articles released to the public.
David Flude is also fully aware, as we have published a page about it for all to see, that any and all claims made against us as journalists have been discredited and thrown out of court after being judged, based on the evidence, to be nothing but attempts by guilty parties to cover up criminal activity like negligence causing death and rental fraud. Journalists are supposed to expose wrongdoing and dig out the truth. It is actually in the job description. It is the guilty who wants to prevent them from doing so. You need look no further than Donald Trump, who screams “fake news” every time a journalist exposes him for his crimes and abuses of power. Meanwhile, Woodward and Bernstein will forever be seen as champions of the people who exposed the powerful for crimes. We have offered David Flude an open-ended invitation to speak with us on camera, and we have challenged him to take us to court if he truly believes we are lying, but he has chosen instead to hide from the evidence and spin lies like those he told to Elizabeth.
Of course, none of these claims are corroborated, but for the truth of who David Flude is, you need to consider only that if David Flude will go to such lengths to avoid what he said in writing was a ‘regulatory requirement” of the Financial Services Regulatory Authority of Ontario, how many people would just give up and allow him to avoid that professional obligations?
Although David Flude asked Elizabeth to consider his “livelihood”, this provincially licensed mortgage broker did not show a single iota of concern regarding how much his brokerage’s games of delay and coercion cost our producer, and he even had the nerve to laugh when the client he was sworn to serve suggested filing a complaint or seeking civil action. From the sound of his whining in this email, we don’t think David Flude is laughing any more. All David Flude and his brokers cared about was milking the mark for as much money as they could get, and they didn’t give a damn if their greed forced our producer to close his benevolent media service that has donated more than 330 videos that have helped to raise hundreds of thousands of dollars for those in need in our community.
Elizabeth’s response, that we are sharing with her consent, shows the effect of the truth.
“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 evidence 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."
Clearly, the only thing of importance for David Flude was the eight to sixteen thousand dollars he would receive as commission when closing this mortgage for eight hundred thousand dollars. Her decision to forward the email back and forth to us is in line with the ninety-seven per cent of people who are showing support for our reporting after reading our articles and watching our videos. The truth becomes obvious due to our presentation of evidence, not name calling and unsubstantiated lies. They can also see in sharp contrast that the multi-million-dollar brokers of Verico the Mortgage Station, and their various multi-million and multi-billion-dollar collaborators, continue to hide while refusing to disprove our claims or present evidence either in a court of law or through an on-camera interview. Meanwhile we are open about who we are and the evidence we have.
During the many months since we first offered to interview the brokers of Verico the Mortgage Station, this documentary has expanded to include reporting on the ethically questionable actions of detectives of the South Simcoe Police Service, and the apparent lack of concern for the financial safety of seniors demonstrated by those who sit on Simcoe County Council. However, the root remains in the decisions made and confessions of wrongdoing that demonstrate the true ethics of David Flude, Lisa Purchase, and Renee Dadswell.
The simple fact is that their decision to hide from their own confessed action has caused this story to be brought to the attention of the taxpayers of Simcoe County, who now have reason to feel less than confident about the South Simcoe Police Service and the Simcoe County Council.
When considering why this is important, remember that these now exposed loan sharks specifically target potentially vulnerable seniors through offers of the CHIP Reverse Mortgages, and that despite receiving from us non-redacted copies of the evidence, the HomeEquity Bank has refused to do anything to ensure the safety of their elderly clients. The transactions these companies handle are valued at hundreds of thousands of dollars, and most of the potentially vulnerable seniors are working on misplaced trust.
David Flude lied in writing six times in two emails. Clearly, as we showed earlier, is a trait of a pathological liar, he holds little regard for honesty. Also, as he stated the meeting and report were “regulatory requirements” and he chose to disregard his obligations, he also evidently holds minimal respect for the Financial Services Regulatory Authority of Ontario that is supposed to monitor the ethics of his brokerage.
If nothing else, David Flude’s false claims and groundless accusations to Elizabeth demonstrate that the brokers of Verico the Mortgage Station will say whatever is needed to evade responsibility. Also, David Flude’s decision to ignore his “regulatory requirements” show that he is comfortable with willfully evading the legal obligations that allow him and the brokers of Verico the Mortgage Station to work on trust with often vulnerable seniors and others.
We have offered multiple times to interview the brokers of Verico the Mortgage Station, and their colleagues at Verico Financial Group, and the HomeEquity Bank. However, they have chosen to hide behind thick protective walls rather than validate their actions. People only hide when they have something to fear.
So far, we have done everything short of posting billboards in downtown Toronto asking David Flude, Renee Dadswell, and Lisa Purchase to speak with us on camera. Instead, what they have demonstrated is that they are all terrified by the idea of stepping in front of our camera and facing our evidence of the crimes we allege they committed.
While we are more than willing to support our allegations in any impartial court of law, those who run these multi-million and multi-billion-dollar corporations choose to hide while using their commercial, political, and financial influence to motivate local police and politicians to help them or to turn a blind eye.
On September 5, 2023, our Producer sent an email to all parties involved in this story, including those from HomeEquity Bank and Verico Financial Group offering them the chance to present their case to the court of public opinion. A full copy can be found on the root page of this video.
In that email, our Producer offered as follows:
“I am writing today to reiterate our open invitation to all of you to take part in a recorded interview regarding our public allegations about your companies. Doing so will allow you to refute our evidence and present any counter documentation you might possess.”
“If you can debunk our allegations on camera, using tangible evidence, we will cancel the production. We cannot be fairer than that. If the brokers of Verico the Mortgage Station won’t do that, their inaction should speak volumes to the third-party corporations that have lined up like lemmings to support their criminal activities on nothing more than blind faith.”
We received no responses, which should speak volumes. Not even our offer to cancel the documentary, which would mean the removal of our online reporting, was enough to draw these representatives of multimillion and multibillion-dollar corporations out from the shadows.
They each have resources few can rival, and if we are not telling the truth, they should be able to end our investigative journalism through court action. However, they have chosen to hide like an elephant from a mouse. It is also worth noting that our Producer is a client of all three of these businesses, and their level of accountability and customer service is frankly appalling.
What kind of multimillion or multibillion-dollar business builds walls around themselves instead of defending their name and reputation? Who would trust a business that needs shields to hide from allegations of wrongdoing being presented by a small local not-for-profit media service? Why are they so afraid to let a judge see the facts of this story?
People are entrusting these corporations with their life savings, yet they choose to hide from scrutiny. Despite their collective need to wallow in denial, this story is spreading and is currently reaching thousands of people each week. Normal people do not hide in the dark for months at a time hoping everything will be OK.
Clearly, from Elizabeth’s emails, people see the truth, as our videos are now being shared on dozens of personal, commercial, and group Facebook pages. Also, links are being sent by clients of other mortgage industry professionals, who want to be made aware of the unethical actions of the brokers of Verico the Mortgage Station. Also, several brokers who are in competition with those in hiding have liked or followed our page. Evidently, they don’t want to miss any updates.
The truth cannot be stifled by hiding, by motivating police to omit evidence, or by denial to any official who will let you grease the wheels of bureaucracy. This story is not going anywhere and will be available online for many years to come. That is the future for the brokers of Verico the Mortgage Station and their colleagues at the Verico Financial Group and HomeEquity Bank. In that light, they should seriously question if they want to have a say in the narrative or just leave it to us to guess what they would say.
After all, that is what David Flude did regarding the woman seeking a mortgage for eight hundred thousand dollars, and we now all know how well that worked out for him.