The Canadian Securities Administrators (CSA) issued a warning May 17 about an investment scam claiming to represent Fidelity Investments.
The scam provides investors with documents outlining two investment opportunities that purportedly offer a guaranteed and high rate of return on the investments. “The ‘Fidelity Capital Protected Fixed Income Fund’ and the ‘Guaranteed Investment Bond’ are not products offered by Fidelity Investments,” says the CSA.
In an effort to appear more legitimate, the scammers reference that the Financial Consumer Agency of Canada (FCAC) regulates the investment firm and its products, and that investors have a right to file a complaint with FCAC if they are dissatisfied. “They also falsely state that the Canada Deposit Insurance Corporation (CDIC) will provide protection to people who invest in these products. FCAC does not regulate investment firms,” states the CSA’s warning.
Canadians who believe they are a victim of this scam should contact their local securities regulator, advises the CSA.