Investor Alert: One FX Group/One FX Trading Fraudulently Impersonating CIRO

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

TORONTO, Nov. 1, 2024 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is warning investors about fraudulent activities involving individuals impersonating CIRO and IIROC by using their logos on fake letters guaranteeing bank deposits to investors. These fraudsters are reportedly connected with a company known as One FX Group/One FX Trading and claiming regulation by CIRO and IIROC to gain the trust of unsuspecting investors.

CIRO does not provide guarantee on bank deposits and is not involved in any financial transactions or direct interventions with retail investors. One FX Group/One FX Trading are not regulated by CIRO/ IIROC and do not have the necessary registration with Canadian securities regulators. This fraudulent activity has also prompted alerts from the Canadian Securities Administrators (CSA) and the International Organization of Securities Commissions (IOSCO).

Protect Yourself from Fraud

Investors are reminded that, in Canada, all individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA). This registration is essential for investor protection, as it ensures that only qualified individuals and firms can offer such services. You can also check with CIRO's Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO. 

CIRO's Office of the Investor provides resources to help Canadians avoid investment fraud and protect their financial well-being. See Avoiding Fraud and Protecting Your Investments on CIRO's website for additional information.

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]