Investor Alert: CIRO Impersonator

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

TORONTO, Oct. 18, 2024 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by a fraudster impersonating CIRO to launch investment recovery scams. The fraudster, using the name of Marcus Miller and the email address "[email protected]", is posing as a CIRO/OCRI employee in the Financial & Operations Compliance department, targeting French speaking Canadians. This individual is neither employed by CIRO nor a registrant of any dealer firm regulated by CIRO. No CIRO employee will ever ask for payment from investors. This is an immediate red flag.

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.

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.

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.

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

SOURCE Canadian Investment Regulatory Organization (CIRO)

For media inquiries only: Sean Benmor, Corporate Communications and Public Affairs, Canadian Investment Regulatory Organization, 416-986-7954, [email protected]