Recently, CBC reported on “Fake” experts who posed as financial experts on the radio and conned their listeners out of millions of dollars.
In this case, fraudsters posed as investment experts on at least five local radio stations in Southern Ontario. These “experts” would call into these radio shows, using fake names and aliases, and encourage listeners to invest in “Trans-Atlantic Direct”. The fraudsters are believed to have received over 6 million dollars worth of investment money, keeping it all for themselves and investing none of it.
The full CBC article can be read at:
https://www.cbc.ca/news/business/radio-shows-featured-fraudsters-1.5015962
If you have considered investing, or already do, then you are probably already aware of how to safely invest. If not, this story serves as an important lesson in being aware of fake financial experts.
Thankfully, there is Southern Ontario Security to help protect investors and enforce compliance with the securities act of Ontario. The Ontario Securities Commission works towards making sure that investors are protected, and the markets are fair and efficient. As stated several times in the article, a quick call to the Ontario securities commission would have prevent all of that.
The Ontario Securities Commission works to ensure that all market participants are compliance with Ontario Securities Law. For you, this means that if you are considering investing, you should do your due diligence to ensure that whoever or whatever you are investing with is legit. You can call the Ontario Securities Commission at 1-877-785-1555 or email at inquiries@osc.gov.on.ca for help on investing wisely, and safely.
