Investor Alert: Impersonation of CIRO in Investment Recovery Scams

Be an informed investor - Protect yourself against fraudulent schemes

TORONTO, April 2, 2025 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is alerting investors to fraudulent activities involving individuals impersonating CIRO employees to carry out investment recovery scams. These scams target individuals who have already been victims of financial fraud, claiming to recover lost funds for a fee.

In these scams, fraudsters may ask victims for remote access to their computers or devices, further compromising their security. Fraudsters may also ask for personal and financial information, such as IDs, passports, driver's license, utility bills etc. Investors should be aware that such scams result in no recovery of funds and often lead to further financial losses.

Aaron Fox, Dara Hogan, Dylan Oak, L'eandre Sanders or Rosalie Austin are not employed by CIRO or associated with dealer firms regulated by CIRO. These names are being used by criminals who misrepresent themselves as CIRO employees to exploit vulnerable investors. Fraudsters use the following email addresses and domains which are fraudulent:coinstats[.]suppport[.]team2017@gmail[.]com; @cryptowalletsecurity[.]com and @iiroc[.]consulting. CIRO does not provide investor recovery services and will never request funds from investors. Importantly, no CIRO employee will ever request payment from retail investors—this is an immediate warning sign of fraudulent activity. Please note that the list of names and emails being used by scammers continues to grow daily, making it impossible to list them all. We urge everyone to stay cautious and vigilant against these schemes.

Fraudsters carrying out these schemes have also been reported to employ other highly aggressive tactics. They falsely use the names of CIRO Board members, as well as IIROC's and CIRO's logo and links to the official CIRO website, to lend false credibility to their scams and mislead investors. These actions are intended to manipulate and deceive victims into trusting their fraudulent claims.

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.   

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  

SOURCE Canadian Investment Regulatory Organization (CIRO)