Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
May 24, 2023 (Toronto, Ontario) – New Self-Regulatory Organization of Canada (New SRO) and the Canadian Securities Administrators (CSA) are warning Canadian investors not to be fooled by fraudsters impersonating real investment advisors.
Recently, New SRO has noted a spike in advisor impersonation schemes. In communications with investors, fraudsters claim to be associated with legitimate firms, or pose as registered individuals. If you suspect anything unusual, always independently verify that the person calling or emailing you is the person they claim to be. Often, the name given is a registered individual's name, and the fraud is only revealed by a bogus email domain or phone number. Do not rely on unsolicited information, do your own research online, and contact the individual advisor and the firm directly to confirm it was them who had contacted you.
Fraudsters try to imitate legitimate financial institutions and send fake emails requesting personal or financial information. These are called phishing emails. Make sure you delete phishing emails and do not click on any links. They can carry harmful viruses that may infect your computer and steal your sensitive information.
Investors should also check the background, qualifications and any disciplinary history of investment advisors registered with New SRO or the CSA by checking the free AdvisorReport for advisors registered with investment dealers, or the CSA’s National Registrant Search.
If you believe you have been a victim of this or a similar scam, immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.
For further information, please contact:
For media inquiries only:
Stephanie Teodoridis
New Self-Regulatory Organization of Canada
Telephone: 416-254-9026
Email: [email protected]
Ilana Kelemen
Canadian Securities Administrators
Email: [email protected]
JP Vesci
Ontario Securities Commission
Email: [email protected]
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
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About New SRO
New Self-Regulatory Organization of Canada (New SRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
About the CSA
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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MFDA and IIROC have consolidated
As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).
New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.
We have set up an interim website for updates and information related to the New SRO including:
Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.