Ontario police warn of investment scam offering bookkeeping and income tax services

Police have found five recent victims who have lost a total of around $800,000 – and they believe the suspect may be targeting more people

Ontario police are warning people about an investment scam that is costing investors tens of thousands of dollars.

In June 2021, the Ontario Provincial Police (OPP) Grenville County Detachment received its first fraud complaint related to this scam. Around this time, the victim invested $100,000 with a person who claimed to be a securities investor offering bookkeeping and income tax services.

Police said the suspect operated in Grenville County, Leeds County, Rideau Lakes, Brockville and Kingston.

Now the OPP and the Brockville Police Department (BPS) have found five more victims who lost a total of approximately $800,000 to the scam.

“Due to the ongoing investigation, the name of the suspect and company cannot be released at this time, but investigators believe the suspect may continue to target potential investors,” a press release read.

Investors are better protected against investment scams by being informed.

In Canada, anyone who trades in securities or advises clients on securities must be registered with the provincial or territorial securities regulator, unless an exemption applies.

Before investing, people should check:

People can also view investment information on the Ontario Securities Commission website.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and the Canadian Anti-Fraud Center reporting system or by phone at 1-888-495-8501.

About Leah Albert

Check Also

Rallies for Cassius Turvey nationwide; RBA warns of ‘severe recession’ after latest rate hike; the Minister of Foreign Affairs will sign an agreement against human trafficking

Here is an overview of international news: Korean Peninsula South Korea claims that North Korea …