Canadian Regulator Alerts Investors to Investment Recovery Scams Involving Impersonation of CIRO

The Canadian Investment Regulatory Organization (CIRO) has issued an investor alert, warning the public about fraudulent schemes involving individuals impersonating CIRO employees to carry out investment recovery scams. These scams specifically target victims of previous financial fraud, falsely promising to recover lost funds in exchange for a fee.

CIRO has uncovered several names falsely claiming to be CIRO employees, noting that Aaron Fox, Dara Hogan, Dylan Oak, L’eandre Sanders, and Rosalie Austin are not employed by CIRO or affiliated with any dealer firms regulated by CIRO. Fraudsters are using these names to exploit vulnerable investors. Additionally, CIRO identified fraudulent email addresses and domains used by scammers: coinstats[.]suppport[.]team2017@gmail[.]com, @cryptowalletsecurity[.]com, @iiroc[.]consulting.

While CIRO has identified some specific names and email domains used by scammers, the list continues to grow, and investors are urged to exercise caution.

CIRO emphasized that it does not provide investor recovery services and will never request funds from investors. Any solicitation for payment from individuals misrepresenting themselves as CIRO employees is an immediate warning sign of fraudulent activity. 

Fraudsters have also been reported to use other highly aggressive tactics. They misuse the names of CIRO Board members, IIROC’s and CIRO’s logos, as well as links to CIRO’s official website, to lend credibility to their scams and mislead investors.

In these scams, fraudsters may request remote access to victims' computers or devices, compromising their security. They may also ask for personal and financial information, such as IDs, passports, driver’s licenses, and utility bills, etc.

CIRO underscored that these schemes result in no recovery of funds and often lead to additional financial losses for victims.