Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
August 24, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by Sigma Invest (https://sigmainvest.co and https://cfd.sigmainvest.co).
In communications with investors, the company uses falsified documents and claims to be regulated by the former Investment Industry Organization of Canada (IIROC) in a fraudulent “IIROC Advisor Report”. Sigma Invest is not regulated by IIROC or CIRO.
We previously warned investors about Sigma Invest Options Inc. in September 2022 (see Investor Alert: Sigma Invest Options Inc., September 29, 2022).
Certain crypto assets have generated a lot of hype. All investors must be informed and ask themselves important questions before purchasing higher-risk investment products that do not trade on stock exchanges. Investors should know that crypto-asset trading platforms are not the same as regulated marketplaces and may be missing key investor protections.
CIRO-regulated investment firms and individuals must meet our high standards and deal fairly, honestly and in good faith with Canadian investors. We urge Canadian investors to exercise caution when dealing with non-CIRO-regulated firms and platforms. Investors should confirm if investment firms are registered with CIRO and members of the Canadian Investor Protection Fund (CIPF) before investing.
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 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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