After at least one investor was contacted by scammers pretending to be from a provincial regulator, the Canadian Securities Administrators (CSA) has issued a scam alert warning the public about unsolicited communications from scammers posing as CSA staff or as a CSA member.

“The CSA is aware of at least once investor who was contacted via text message by a scammer who pretended to be an investigator from a provincial securities regulator and attempted to obtain funds from the investor,” the CSA writes in its Jan. 10 announcement.

They continue, saying the CSA and its members will never ask investors to send money anywhere and they will not promote any kind of investment scheme or company. Furthermore, they add that regulators will not promote companies or entities offering to recover funds that have been scammed.

Similarly, they say regulators will also not make unsolicited calls or send unsolicited emails or text messages to investors asking for payment related to enforcement actions or investigations.