Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
July 5, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by fraudsters claiming to be authorized or affiliated with Finance Standard Commission Canada (FSC Canada) and Wealth Standard Commission Canada (WSC Canada), fictitious regulatory or dispute resolution organizations.
On their websites, fraudsters claim to serve and regulate licensed Canadian brokers and provide dispute resolution services to member brokers’ clients. These websites appear to be credible and reference complaint processing, dispute resolution and providing redress to aggrieved investors.
All investors must be informed and ask themselves important questions before purchasing higher-risk investment products that do not trade on stock exchanges. Unregulated crypto-asset trading platforms are different from regulated marketplaces and may be missing key investor protections.
CIRO has noted a spike in advisor and regulator impersonation schemes. In communications with investors, fraudsters claim to be associated with legitimate firms, or pose as registered individuals or regulators. If you suspect anything unusual, always independently verify that the person calling or emailing you is the person they claim to be. Often, the name given is a real individual's name, and the fraud is only revealed by a bogus email domain or phone number. Do not rely on unsolicited information, do your own research online, and contact the individual advisor, the firm or regulator directly to confirm it was them who had contacted you.
Investors should also check the background, qualifications and any disciplinary history of investment advisors registered with CIRO or the CSA by checking the free AdvisorReport for advisors registered with investment dealers, or the CSA’s National Registrant Search.
If you believe you have been a victim of this or a similar scam, immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.
For further information, please contact:
For media inquiries only:
Stephanie Teodoridis
Canadian Investment Regulatory Organization
Telephone: 416-254-9026
Email: [email protected]
Please direct all other inquiries to our Complaints & Inquiries team:
1-877-442-4322 (Canada/US),
800-5555-2323 (Outside Canada/US),
or by completing our Secure Contact Form
About CIRO
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO 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.ciro.ca.
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