Alert:
A nationwide postal strike or lockout may occur as early as November 3, 2024. Dealer Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.
Investor Alert: One FX Group/One FX Trading Fraudulently Impersonating CIRO
Type:
Investor Alert
Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
November 1, 2024 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) is warning investors about fraudulent activities involving individuals impersonating CIRO and IIROC by using their logos on fake letters guaranteeing bank deposits to investors. These fraudsters are reportedly connected with a company known as One FX Group/One FX Trading and claiming regulation by CIRO and IIROC to gain the trust of unsuspecting investors.
CIRO does not provide guarantee on bank deposits and is not involved in any financial transactions or direct interventions with retail investors. One FX Group/One FX Trading are not regulated by CIRO/ IIROC and do not have the necessary registration with Canadian securities regulators. This fraudulent activity has also prompted alerts from the Canadian Securities Administrators (CSA) and the International Organization of Securities Commissions (IOSCO).
Protect Yourself from Fraud
Investors are reminded that, in Canada, all individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA). This registration is essential for investor protection, as it ensures that only qualified individuals and firms can offer such services. You can also check with CIRO’s Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO.
CIRO’s Office of the Investor provides resources to help Canadians avoid investment fraud and protect their financial well-being. See Avoiding Fraud and Protecting Your Investments on CIRO’s website for additional information.
If you believe you have been a victim of this or a similar scam, please report it to CIRO and immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.
For media inquiries only:
Sean Benmor
Corporate Communications and Public Affairs
Canadian Investment Regulatory Organization
Telephone: 416-986-7954
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 CIRO
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO 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.ciro.ca.
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Type:
Investor Alert