Be an informed investor – Don’t be fooled by fraudsters misrepresenting themselves
TORONTO, May 8, 2023 /CNW/ – New Self-Regulatory Organization of Canada (New SRO) is warning Canadian investors not to be fooled by IB Platform a.k.a. IBANK Platform.
In social media advertisements, IB Platform or IBANK Platform is implying they are regulated by the former Investment Industry Regulatory Organization of Canada (IIROC), the former Mutual Fund Dealers Association of Canada (MFDA), and a member of the Canadian Investor Protection Fund (CIPF), by presenting information to investors with regulatory logos and generating fraudulent versions of IIROC’s Advisor Report, which are only issued for individual advisors.
Neither IB Platform nor IBANK Platform is a member of New Self-Regulatory Organization of Canada and was never registered with IIROC or the MFDA to sell any investment products.
All investors must be informed and ask themselves important questions before purchasing higher-risk investment products that do not trade on stock exchanges. Investors should know that unregulated trading platforms are different from regulated marketplaces and may be missing key investor protections.
Registered investment firms are regulated, and individuals must meet our high standards and deal fairly, honestly and in good faith with Canadian investors. We urge Canadian investors to exercise caution when dealing with non-registered firms.
Investors should confirm investment firms are registered with New SRO, formerly IIROC, or with the Canadian Securities Administrators (CSA).
Investors can also check the background, qualifications and any disciplinary history of investment advisors registered with New SRO by checking the free AdvisorReport for advisors, or the CSA’s National Registration Search for mutual fund dealers. If you believe you have been a victim of this or a similar scam, contact your local police, or the CSA for your provincial securities commission contact information, and the Canadian Anti-Fraud Centre.
New Self-Regulatory Organization of Canada (New SRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
SOURCE New Self-Regulatory Organization of Canada (New SRO)