Le Lézard
Classified in: Health, Business, Covid-19 virus
Subjects: PSF, CPG

Canadian securities regulators warn public of coronavirus-related investment scams


CALGARY, March 19, 2020 /CNW Telbec/ - The Canadian Securities Administrators (CSA) is warning investors about companies claiming to have products or services that will prevent, detect or cure coronavirus (COVID-19) infection.

Fraudsters take advantage of global events and breaking news to lure potential investors with the expectations of significant returns. A common way they do this is through pump-and-dump schemes involving publicly traded small "shell" companies.

What Canadians need to know about pump-and-dump schemes:

At this time, there is no vaccine or any natural health product that is authorized to treat or protect against COVID-19. Be cautious of any claims that a company has a solution to help stop the coronavirus outbreak. Reliable information relating to COVID-19 is available from the World Health Organization and the Government of Canada.

When investing in any company, carefully research the investment and keep in mind that fraudsters often exploit the latest crisis. If you believe that you or someone you know has been offered a fraudulent opportunity related to the coronavirus, please contact your provincial or territorial securities regulator.

The CSA is also aware of instances where Canadians are targeted by scam artists using fear around the current economic conditions to attempt to steal the investor's money. Investors contacted by anyone with warnings about their investments or finances should never give out any personal information, and contact their investment adviser or bank separately after independently verifying the phone number to ensure the caller is legitimate.

The CSA, the council of the securities regulators of Canada's provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.

For investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].

 

Hilary McMeekin
Alberta Securities Commission
403-592-8186

 

Kristen Rose
Ontario Securities Commission
416-593-2336

Brian Kladko
British Columbia Securities Commission
604-899-6713

 

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

  Shannon McMillan
  Financial and Consumer Affairs
  Authority of Saskatchewan
  306-798-4160

 

 

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick
506-643-7045

 

 

Steve Dowling
Government of
Prince Edward Island,
Superintendent of Securities
902-368-4550

 

David Harrison
Nova Scotia Securities Commission
902-424-8586

Jeff Mason

Nunavut Securities Office

867-975-6591

 

Renée Dyer
Office of the Superintendent
of Securities
Newfoundland and Labrador
709-729-4909

Tom Hall
Office of the Superintendent
of Securities
Northwest Territories
867-767-9305

 

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466


 

SOURCE Autorité des marchés financiers


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