Bluetooth Monitor is NOT the driver!
You need the Bluetooth stack (driver) in order to be able to use the Bluetooth!!!
laptop it fails to find the Bluetooth Peripheral Device driver
The message is clear for me: the BT driver was not installed and therefore it does not function.
If the Toshiba BT stack is not compatible with Windows Based Mobile then you have two possibilities;
Either you would use the Microsoft BT stack or you will install the OS which is supported by Toshiba BT stack.