March 24, 2015
The Financial Services Commission of Ontario (FSCO) is warning consumers that Capstone Financial Solutions and its principal, Jeff Watson, are not licensed or registered to conduct syndicated mortgage brokering business in Ontario.
Capstone Financial Solutions is soliciting syndicated mortgage investments via their website, http://www.capstonefinancial.ca, stating "Your registered and cash savings will be predictable, dependable and 100% secure."
Capstone was recently an exhibitor at the Women’s Lifestyle Show 2015 in London, Ontario on March 7 and 8.
This entity has also placed ads in community newspapers Size: ## kb, such as London Community News. The ads provide the following contact information:
571 Wharncliffe Rd. S.
Consumers should exercise caution if they are contacted by anyone from these coordinates.
Consumers should also be aware that all mortgage brokerages, brokers and agents in Ontario are required to disclose the material risks of any mortgage investment to investors in writing and in plain language. Investors should ensure they receive this disclosure and should carefully review it, ideally alongside independent legal advice, before making an investment or lending decision. It is important to note that syndicated mortgage investments may not be guaranteed and are made at the risk of the investor.
If consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 , which holds Ontario’s mortgage brokerages, administrators, brokers and agents to specific standards.
A licensed Ontario mortgage brokerage, administrator, broker or agent can provide information and advice on the risks involved in borrowing, lending or investing for different mortgage products