Learn more about what the ASC is doing to support market participants and investors.
Mar 19, 2020
Calgary – The Canadian Securities Administrators (CSA) is warning investors about companies claiming to have products or services that will prevent, detect or cure coronavirus (COVID-19) infection.
Fraudsters take advantage of global events and breaking news to lure potential investors with the expectations of significant returns. A common way they do this is through pump-and-dump schemes involving publicly traded small “shell” companies.
What Canadians need to know about pump-and-dump schemes:
At this time, there is no vaccine or any natural health product that is authorized to treat or protect against COVID-19. Be cautious of any claims that a company has a solution to help stop the coronavirus outbreak. Reliable information relating to COVID-19 is available from the World Health Organization and the Government of Canada.
When investing in any company, carefully research the investment and keep in mind that fraudsters often exploit the latest crisis. If you believe that you or someone you know has been offered a fraudulent opportunity related to the coronavirus, please contact your provincial or territorial securities regulator.
The CSA is also aware of instances where Canadians are targeted by scam artists using fear around the current economic conditions to attempt to steal the investor’s money. Investors contacted by anyone with warnings about their investments or finances should never give out any personal information, and contact their investment adviser or bank separately after independently verifying the phone number to ensure the caller is legitimate.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.
For investor inquiries, please refer to your respective securities regulator. You can contact them here.
For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at firstname.lastname@example.org.
Hilary McMeekin Alberta Securities Commission 403-592-8186
Brian Kladko British Columbia Securities Commission 604-899-6713
Jason Booth The Manitoba Securities Commission 204-945-1660
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
David Harrison Nova Scotia Securities Commission 902-424-8586
Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Kristen Rose Ontario Securities Commission 416-593-2336
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4550
Jeff Mason Nunavut Securities Office 867-975-6591
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305