Be an informed investor - don't be fooled by fraudsters misrepresenting themselves
TORONTO, July 27, 2021 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) is warning Canadian investors not to be fooled by fraudsters claiming to be legitimate investment dealer firms regulated by IIROC.
Fraudsters are impersonating trusted IIROC-regulated institutions through many channels, including genuine-looking phishing websites, high-quality brochures and other investment documents. These fraudulent sites or documents offer and market a fake guaranteed bond fund and GICs with unrealistic investment returns.
Some fake websites look nearly identical to the trusted institution's website with the same logo, brand, and likeness; others copy legitimate websites but change the firm's name and contact details. Calls to the phone numbers provided in the contact details typically reach a scammer pretending to be an employee of the IIROC-regulated firm.
Other fraudulent websites claim to be a division or an affiliate of an IIROC-regulated firm.
Victims of this type of scam should contact their local securities regulator.
Tips to protect yourself:
Investors can also check the background, qualifications, and disciplinary history of investment advisors registered with IIROC by checking out our free AdvisorReport.
IIROC-regulated investment firms and individuals must meet our high standards and deal fairly, honestly and in good faith with Canadian investors.
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About IIROC:
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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