CIRO Alerts Investors to Increasing Investment Recovery Scams Impersonating its Employees

The Canadian Investment Regulatory Organization (CIRO) has issued a new investor alert, warning Canadian investors of the growing number of fraudsters posing as CIRO to commit recovery scams. These scammers claim to be employed by CIRO, sometimes refer to the titles and names of CIRO employees and leaders, and use the CIRO logo.

CIRO has discovered that victims have recently received a 'guarantee document' on a forged CIRO letterhead. Using the name of Andrew Williams and the email address a.williams031@outlook.com, the fraudsters claimed to be a CIRO representative and offered to help the investor recover funds lost in previous scams upon receipt of a transfer and processing fee.

In recovery scams, fraudsters approach individuals who have already fallen victim to a financial scam, only to use any details provided to scam those individuals again. Fraudsters are becoming very sophisticated in their use of technology, so investors should always independently verify the information they find on the Internet or that they receive by email or social media apps.

Recently, in many such scams, the fraudsters claim affiliation with CIRO and offer to assist investors in recovering lost funds. “However, CIRO’s mandate does not include recovering investments lost to scams and fraud. CIRO will never contact people and investors to help them get their money back following a scam,” said the regulatory organization.

CIRO Reminds You

Do not rely on unsolicited information and always check the background, qualifications, and disciplinary history of investment advisors registered with CIRO or the CSA.

If you believe you have been a victim of this or a similar scam, please immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.