Investor Alert: CIRO Impersonators

Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves

TORONTO, May 1, 2024 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by fraudsters impersonating CIRO to launch investment recovery scams. The fraudsters use the email address [email protected], posing as CIRO/OCRI employees, to approach investors using social media platforms such as WhatsApp.

In an investment recovery scam, fraudsters approach individuals who have already fallen victim to a financial scam. They tell victims that they can recover the lost funds for a fee. In some cases, they will ask for remote access to the target's computer or device. In the end, no funds are returned, more funds are potentially stolen, and the victim is defrauded again.

In recent complaints received by CIRO, individuals calling themselves Jason Reid and Yuri Gromov falsely claimed to be CIRO employees. Neither of these individuals are employed by CIRO nor are they registrants of any dealer firm regulated by CIRO. All individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA). You can also check with CIRO's Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO.

No CIRO employee will ever ask for payment from investors. This is an immediate red flag.

Fraudsters are becoming very sophisticated in their use of technology, so investors should always independently verify the information they find on the Internet. For example, a list of Canadian securities regulators is available on the Canadian Securities Administrators (CSA) website. Do not rely on unsolicited information and always check the background, qualifications and 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.

CIRO's Office of the Investor publishes information to help investors keep their investments safe. See Avoiding Fraud and Protecting Your Investments.

If you believe you have been a victim of this or a similar scam, please report it to CIRO and immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.

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Canadian Investment Regulatory Organization 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 CIRO.ca. 

SOURCE Canadian Investment Regulatory Organization (CIRO)