South Simcoe Police Special Fraud Detective To Launch New Investigation Of Brokerage Loansharking
Related story: June 24, 2023: The South Simcoe Police Service is Protecting a Loanshark
It was on June 22, 2023, less than a week ago, that Inspector Julio Fernandes of the South Simcoe Police Service sent a haughty and indignant email that finalized with the words: “Your claim of a criminal interest rate is unfounded, and it has been determined that you are not the victim of a crime (criminal offence).” Yesterday, after we had released our irrefutable evidence to the public and to all of Innisfil Town Council, he wrote to me again, but this time in a very apologetic manner full of promises and requests for “patience” as he notified me: “With the additional information and attachments that you have provided in your last email, I have undertaken to have this thoroughly reviewed by our fraud investigator . . .”
What a difference a week can make when the public is informed, and the secrets are exposed.
We will not include the full content of the Inspector’s email here, nor the much shorter one I received from Chief Van Dyke that similarly asks for patience and promises action. This is after all an active police investigation. However, we can note the type of language used to describe the new investigator: “. . . has extensive training and experience involving high level, high monetary value, and complex fraud investigations both from our police service as well as from his time with a previous police service for several years.“
So, here we are after a week of presenting the facts and exposing the secrets.
Imagine where we will be in September when the full contents are exposed for the world to see.
Until yesterday, the brokers of Verico the Mortgage Station were controlling the narrative, as they managed through deception to retain the premise of credibility, or at least as far as the South Simcoe Police Service was concerned. The “investigating” detective had listened only to the brokers of Verico the Mortgage Station and had declined to even speak with me. Also, in his report, it is suggested that the brokers at Verico the Mortgage Station presented what can only be a deliberately altered document that they are said to have shown as proof of having charged a legal rate of interest on the loan. If this is true, then Renee Dadswell, David Flude, and Lisa Purchase could and likely should all face charges of falsifying evidence and obstruction of justice.
This allegation is supported by a statement within the email from Inspector Fernandes.
In his email of June 22, 2023, the Inspector noted: "The listed interest rate in the Promissory Note agreement is 12% per annum, and it is compounded at the rate of 1% per month – this is nowhere near the 60% threshold that would make the interest rate criminal" Since then, through the use of bank records and the Funds Disbursement Record that was created by brokers of the Verico the Mortgage Station, the interest charged can be established to have been in truth 10% per month or 120% per year, which is double the level required to represent an indictable offence under section 347(1) of the Criminal Code of Canada which reads:
Section 347(1)(b) makes it an offence to receive a payment or partial payment of interest at a criminal rate. A criminal rate of interest is defined as an effective annual rate of interest, calculated in accordance with generally accepted actuarial practices and principles, that exceeds 60% of the credit advanced.
347(1) Despite any other Act of Parliament, every one who enters into an agreement or arrangement to receive interest at a criminal rate, or receives a payment or partial payment of interest at a criminal rate, is (a) guilty of an indictable offence and liable to imprisonment for a term not exceeding five years; or (b) guilty of an offence punishable on summary conviction and liable to a fine not exceeding $25,000 or to imprisonment for a term not exceeding six months or to both.
The Innspector also stated: "Detective Constable Smith has also retained a copy of the email that Lisa PURCHASE sent to you on March 30, 2022 when you entered into the Promissory Note agreement with DADSWELL." This would suggest that a fake email was created, which is much easier to do than most people know, as I have no such email in my system, which is backed up both on our server and in the cloud. Also, logic dictates that if I had it, I would not have been asking for a copy of the promissory note for more than a year, and the brokers at Verico the Mortgage Station would have had no reason not to provide it when asked.
Fortunately, they did not cover themselves so well a year ago when their own Funds Disbursement Record confirmed they had charged 120% interest on a loan, which is a serious criminal offence.
Now, due to our ongoing exposure, the top cops at the South Simcoe Police Service understand that they cannot just make this crime disappear, which seems to have been their original intent. Due to pressure from the public and likely from Innisfil Town Council, the South Simcoe Police Service have assigned a special financial investigator to audit the activities of this less-than-ethical mortgage brokerage. This should have been done in the first place instead of assigning it to a detective who was clearly motivated by whatever self-interests convinced him to support the agenda of the affluent and influential brokers at Verico the Mortgage Station. ”
Although this new financially focused investigation does sound promising, we are not shelving this story nor waiting on bated breath for any real action.
The truly sad part of this story is the damage that is going to be done to uninvolved and likely innocent people and businesses that are associated with the brokers at Verico the Mortgage Station. Parts of this story are reminiscent of the Trump tale of secret documents, in that the accused loanshark, licensed broker Renee Dadswell, could have simply returned what she collected illegally a year ago instead of pushing the issue to this point.
A resolution could have been negotiated and public scrutiny was never needed, except that they pushed the issue thinking they were untouchable within their small town due to their affluence and influence.
Now, in exchange for the meagre $300.00, that Renee Dadswell, Lisa Purchase, and David Flude managed to swindle through illegal levels of interest, the brokers of Verico the Mortgage Station have been exposed and are likely going to be charged with multiple crimes. The cost of the retainer for their lawyer(s) alone will be much higher than the amount they stole through loansharking, and they will eventually be paying that back and more through pending civil litigation.
Once any or all of them are charged, we will be forwarding all evidence and details to the Financial Services Regulatory Authority of Ontario asking that their operational licenses as mortgage brokers to be revoked.
The accused also dragged into this every broker at Verico the Mortgage Station, to whom they are most likely lying about what they did and how their influence will see them through. What they did not count on is our media company taking on the story so vigorously that in a week we have reached thousands of potential customers for VERICO Financial Group Inc., HomeEquity Bank, and the brokers of Verico the Mortgage Station who are not associated with the crimes that have been committed.
We welcome any and all of those injured third parties to clear the name of their company and possibly save their careers by speaking with us on camera to denounce the crimes of their colleagues.
All of this could have been avoided if not for the arrogance of Renee Dadswell and the stupidity of those who worked to cover for her crime(s). Now, guilt by association will adversely affect the lives and finances of people who have done nothing wrong. We live in a world of cancel culture and these people either singularly or collectively chose to cheat the owner and sole financial supporter of a not-for-profit service that exists to help the weak, the disabled, the oppressed, and those without a voice within their own community. If they truly believe there will be no repercussions for their actions, or from association with those committing these crimes, then clearly they have not been paying attention.
We are glad the South Simcoe Police Service is seemingly stepping up to protect the many seniors who have entrusted the brokers of Verico the Mortgage Station through the purchase of a CHIP Reverse Mortgage from the HomeEquity Bank.