Investor Alert: TopFirstGroup Fraudulently Impersonating CIRO
Be an informed investor. Don't be fooled by fraudsters misrepresenting themselves
TORONTO, Jan. 23, 2025 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is warning investors about a fraud scheme where fraudsters, linked to a company called TopFirstGroup, falsely claim that IIROC and CIRO require investors to make border fee payments to release funds held at a financial institution under CIRO's name.
In recent complaints received by CIRO, individuals connected to TopFirstGroup, which is not registered in Canada to engage in the business of trading securities, used falsified IIROC and CIRO letterheads to falsely misrepresent that CIRO requires investors to make a deposit or border fee payment to release funds held at a bank associated with CIRO. CIRO will never require individuals to pay a fee or deposit of any type to release or recover funds or losses.
CIRO also emphasizes that TopFirstGroup and these individuals 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), the Ontario Securities Commission and the Financial and Consumer Affairs Authority.
Protect Yourself from Fraud
Investors can confirm with CIRO's Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO. All individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA).
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),
800-555-2323 (Outside Canada/US),
or by completing our Secure Contact Form
SOURCE Canadian Investment Regulatory Organization (CIRO)