Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
May 29, 2023 (Toronto, Ontario) – New Self-Regulatory Organization of Canada (New SRO) is warning Canadian investors not to be fooled by fraudsters impersonating the former Investment Industry Regulatory Organization of Canada (IIROC) in fraudulent arbitration-related communications. New SRO will never ask you for a copy of your passport, ID card, bitcoin wallet address, or for any funds.
New SRO has noted a spike in impersonation schemes. In communications with investors, fraudsters impersonate regulators, 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 real 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 and the organization directly to confirm it was them who contacted you.
Fraudsters try to imitate legitimate organizations and professionals. They may 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]
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
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.
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