B2B Bank, a Subsidiary of Laurentian Bank, Is Being Taken to Court by Victims & Non-Defaulting Borrowers - Borrowers Call upon Others in Similar Situation to Join Hands and Stand Against Ruthless Business Tactics

Toronto, Ontario--(Newsfile Corp. - November 9, 2023) - Adnan Rafiqui and an anonymous associate (the "Borrowers") are defending claims by Toronto-based B2B Bank, a subsidiary of Montreal-based Laurentian Bank of Canada, to recover investment loans they were induced to take by a securities registrant (the "Registrant") that has since been disciplined by the Mutual Fund Dealers Association ("MFDA") for recommending and/or implementing leveraged investment strategies involving borrowing money and purchasing securities that were not suitable for the Registrant's clients. In 2008, during the Great Recession, the Registrant which at that time was with Monarch Wealth (subsequently acquired by Sterling Mutual Funds) was encouraging potential borrowers to take on highly leveraged loans backed by B2B Bank that exceeded amounts warranted by the borrowing power of the Borrowers.

The Registrant was fined $750,000 for his actions and has been permanently prohibited from conducting securities related business in any capacity while employed with any MFDA member.

B2B Bank knew that the Registrant was recommending an unsuitable leveraged investment strategy to individuals and allowed it to transpire, and B2B Bank profited off the loans. The investment loans were structured to require interest payments to B2B Bank which exceeded the amount of the original loan. Furthermore, the agreements were structured to provide B2B Bank a first ranking security interest in the securities purchased with the investment loans, effectively giving B2B Bank the right to sell the securities via either public or private sale, rending the borrower helpless in B2B Bank's ruthless collections, regardless of any wrongdoing.

The Borrowers acted in accordance with the loan agreement. The Borrowers never defaulting on an interest payment to B2B Bank, ultimately paying interest that exceeded the investment loan's principal over the course of over 15 years while the value of the investments deteriorated. Reimbursed in full for any upfront capital outlays, B2B Bank in 2022 purported to send notice to the Borrowers through the Registrant, seeking repayment in full for the principal loan amount, threatening legal action if the Borrowers did not comply. B2B Bank is fully aware of the value of the investments that relied upon to supported the loan from the outset and is exercising ruthless financial practices at its client's expense.

The Borrowers have pleaded with the lawyers of B2B Bank in particular Mr. Michael Cassone to find an amicable solution and to be reasonable but to no avail. The Borrowers have paid more than the original principal amounts, just in interest, not missing any payments over the course of over 15 years but that does not seem to matter to B2B Bank who are instigating legal action when their demands are not fulfilled. One of the Borrower's original loan amounts was $450,000 and he has paid more than this amount to B2B Bank in interest alone. The portfolio is currently worth approximately $170,000 after 15 years because the money was mostly invested in mutual funds that paid the highest commissions to all the actors involved, at the expense of the Borrower. B2B Bank is demanding the rest of the money or threatening legal action. The Borrowers have managed to find at least 3 more victims in addition to themselves, some of whose portfolios B2B Bank have already liquidated and reported these victims to the credit bureau, destroying their credit history in the process. Due to these actions taken by B2B Bank these victims and their families have suffered immensely and continue to do so. These victims have consented to co-operate with the Borrowers.

The Borrowers may start contacting all regulatory and governing bodies that have jurisdiction over B2B Bank as well as Laurentian Bank. The Borrowers will not simply sit by idly as victims anymore and will pursue legal action if necessary to seek an amicable solution with B2B Bank for its lending transgressions and association with a Registrant that has been disciplined and prohibited from working for a MFDA member for participating in the scheme that ultimately served as the catalyst for B2B Bank threatening claims against the Borrowers.

B2B Bank's and the Registrant's lending tactics were at best unethical, at worst predatory. Demand for repayment is wrong on its face and its treatment of Borrowers now potentially subject to litigation is unreasonable and the epitome of greed. The Borrowers encourage all other victims of B2B Bank's iniquitous leveraged investment loan strategies to contact Mr. Rafiqui at 647-707-6083 or at email rafiqui7770@gmail.com, to stand united for an equitable solution to this matter.

Having said the above the Borrowers are still open to speak with representatives of B2B Bank and in a last ditch effort see whether this situation can be resolved amicably for everyone.

Please contact:
Mr. Adnan Rafiqui
Tel: 647-707-6083
Email: Rafiqui7770@gmail.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186954