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Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
March 2, 2023 (Toronto, Ontario) – New Self-Regulatory Organization of Canada (New SRO) is warning Canadian investors not to be fooled by fraudsters falsely claiming to be associated with Citigroup, and using a false URL, 1citigroup.ca.
In communications with investors, an individual posing as Alex Foster claims to be associated with Citigroup (1citigroup.ca). 1citigroup.ca is not affiliated with Citigroup Global Markets Canada inc. or any other Citigroup Inc. affiliate. Always confirm the person calling or emailing you is the person they claim to be. Oftentimes, the name given is a registered individual's name and the fraud is only revealed by a bogus email domain or phone number.
Fraudsters try to imitate a financial institution and send fake emails requesting personal or financial information. These are called phishing emails. Make sure you delete phishing emails and do not click on any links. They can carry harmful viruses that can infect your computer.
Fraudulent websites often intentionally misspell names or use a “1” so that their fake pages look almost identical to legitimate firms’ pages to trick potential investors. Double check that any URL is exact and confirm investment firms are registered with New SRO, formerly IIROC, or with the Canadian Securities Administrators (CSA).
Investors should also check the background, qualifications and any disciplinary history of investment advisors registered with New SRO by checking the free AdvisorReport for investment dealers, or the CSA’s National Registration Search for mutual fund dealers.
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About New SRO
New Self-Regulatory Organization of Canada (New SRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
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