Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
August 31, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by Mining Better Profits.
On their website, miningbetterprofits.com, the company claims to be an investment dealer regulated by the former Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). In communications with investors, the company is asking for additional deposits before they would release funds. Mining Better Profits is not regulated by IIROC, now CIRO, nor is it a member of the CIPF.
CIRO has noted a spike in impersonation schemes. In communications with investors, fraudsters claim to be associated with legitimate firms, posing 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. Do not rely on unsolicited information, do your own research online, and contact the individual advisor, the firm, or the regulator directly to confirm it was them who had contacted you.
Fraudsters also try to imitate legitimate financial institutions 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 may infect your computer and steal your sensitive information.
Know exactly what you are investing in. Make sure you understand how the investment, product, or service works. Get a second opinion and seek professional advice about the investment.
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 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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