Consumers Strongly Encouraged to Avoid Using Unlicensed Individuals and Entities Offering Mortgage Investments

TORONTO, March 30, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers to avoid obtaining a mortgage or mortgage investments through Navkiran (Kiran) Nagra, Artful Business Consultants Inc. or Syntax Bridge Capital Corp. as they are not licensed to conduct mortgage business in Ontario. Navkiran (Kiran) Nagra is conducting unlicensed mortgage business through Artful Business Consultants Inc. and Syntax Bridge Capital Corp. 

It has been reported that this individual contacts consumers to solicit investments into mortgages, including qualified syndicated mortgages*. Solicitations may include offers to transfer or use funds from consumers' own registered accounts to participate in mortgage investments.

FSRA encourages consumers to exercise caution if they are contacted by this individual, these businesses or anyone claiming to represent them.  

FSRA licenses mortgage brokerages, brokers, and agents to safeguard public confidence and trust in Ontario's financial services. If consumers obtain a mortgage through individuals or companies not licensed by FSRA, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario's licensed mortgage brokerages, brokers and agents.

Consumers are encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage, or administrator.

*A syndicated mortgage is a when multiple investors pool their money to lend for one mortgage.

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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more www.fsrao.ca.

For public inquiries, please email [email protected].

SOURCE Financial Services Regulatory Authority of Ontario

FOR MEDIA INQUIRIES: Russ Courtney, Senior Media Relations and Digital Officer, Financial Services Regulatory Authority, C: 437-225-8551, Email: [email protected]