Continued from last week?
Beware of con artists using the name of established financial services organizations to commit fraud. These con artists borrow parts of another company’s name and reputation and often enhance the apparent bona fides of their fraudulent organization through the use of an address similar to that of a real organization or through Web sites that can mislead investors about their company’s reputation.
You can protect yourself from scam artists by checking with Office of the Superintendent of Financial Institutions Canada or its Web site (www.osfi-bsif.gc.ca) for warnings about entities ‘believed to be of concern to ? the public.’
Check the registration of an investment (and the person or company offering it) by calling the OSC Contact Centre (toll free at 1-877-785-1555) or checking the registrant’s listing at www.osc.gov.on.ca.
The credibility of company information can be confirmed through the documents public companies must file with security regulators (available at www.sedar.com).
The bottom line is this: Make investments that stand on their own merits – not in the expectation of ‘enormous’ returns or solely to save on taxes. Invest through verifiably trustworthy organizations and further insulate yourself from scam artists by checking with your tax or financial advisor before committing to a venture that could end up costing you a ‘legendary’ amount of money.
This column, written and published by Investors Group Financial Services Inc., is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, nor is it intended to provide professional advice including, without limitation, investment, financial, legal, accounting or tax advice. For more information on this topic or on any other investment or financial matters, please contact your Investors Group Consultant.