Investor Alert: Uptick in Investment Recovery Scams Impersonating CIRO

September 27, 2024 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors of the increased frequency of fraudsters impersonating CIRO. These fraudsters claim to be employed by CIRO, sometimes reference CIRO employees and leaders by title and name and use CIRO’s logo.

Recently, victims were sent a “guarantee document” on a falsified CIRO letterhead. Fraudsters are using the name of Andrew Williams and the email address [email protected], purporting to be a CIRO representative and offering to assist investors in recovering funds that have been lost in previous scams upon receipt of a transfer and processing fee.

This is called an investment recovery scam.

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.

All individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA). You can also check with CIRO’s Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO.

For example, a list of dealers CIRO regulates is available on www.ciro.ca. Do not rely on unsolicited information and always check the background, qualifications and 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.

CIRO’s Office of the Investor publishes information to help investors keep their investments safe. See Avoiding Fraud and Protecting Your Investments.

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. If you are a victim of a CIRO-impersonation scam or a scam claiming CIRO regulation, please also report it to CIRO.

For media inquiries only: 
Joanna Nicholson 
Manager, Corporate Communications and Public Affairs 
Canadian Investment Regulatory Organization 
Telephone: 416-943-4640 
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