Investor Alert: GIS Capital and Quantum AI, IIROC Impersonation Schemes

Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves

June 29, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be fooled by GIS Capital and Quantum AI fraudsters.

In calls with investors, the fraudsters impersonate employees of the Investment Industry Regulatory Organization of Canada (IIROC), a legacy organization of CIRO, and ask investors to provide identity documents and financial details such as copies of ID cards, bank card numbers and other sensitive information. The company also claims to offer trading services in forex, stocks, indices and commodities.  

Neither GIS Capital nor Quantum AI were registered with IIROC and are not members of CIRO.

CIRO has noted a spike in advisor and regulator impersonation schemes. In communications with investors, fraudsters claim to be associated with legitimate firms, posing as registered individuals or regulators. 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 advisor, the firm, or the regulator directly to confirm it was them who had contacted you. CIRO will never ask for your banking or credit card information or copies of identification documents. Additionally, CIRO does not provide assistance with recovering funds.

Fraudsters also 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.

Know exactly what you are investing in. Make sure you understand how the investment, product, or service works. Get a second opinion and seek professional advice about the investment.

Investors should also check the background, qualifications and any disciplinary history of investment advisors registered with CIRO 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.

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