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New Self-Regulatory Organization of Canada (New SRO) and the Canadian Securities Administrators (CSA) are warning Canadian investors not to be fooled by fraudsters impersonating real investment advisors.
Recently, New SRO has noted a spike in advisor impersonation schemes. In communications with investors, fraudsters claim to be associated with legitimate firms, or pose as registered individuals. 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 registered 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 and the firm directly to confirm it was them who had contacted you.
Fraudsters 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.
Investors should also check the background, qualifications and any disciplinary history of investment advisors registered with New SRO or the CSA by checking the free AdvisorReport for advisors registered with investment dealers, or the CSA’s National Registrant Search
Investors are also encouraged to check the CSA’s Investor Alerts page for a list of firms to avoid.
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.
