The company behind Torontos computer leasing scandal has changed its name. MFP Financial Services Ltd. is now known as Clearlink Capital Corp. The company has more than a little mud on its name after a series of lawsuits exposed major problems with its lease financing schemes.
The city of Waterloo sued MFP after discovering a lease financing deal was costing twice the original price. A judicial inquiry into the Waterloo affair concluded an MFP salesperson pulled off a scam, properly characterized as a bait and switch. Several other municipalities also sued the company.
MFP is still under the microscope of an inquiry into skyrocketing computer lease costs in Toronto. The original $43 million deal mushroomed to $83 million without city councils approval. Be on the lookout for Clearlink Capital Corp. in your community.