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Police warning about fraudulent investment opportunities related to COVID-19 – inhalton.com

Published

5 years ago

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Many unscrupulous companies have been approaching Ontario investors falsely claiming to provide services or products that can prevent, detect or cure COVID-19.

As a result, the Ontario Securities Commission (OSC) and the Royal Canadian Mounted Police (RCMP) – Integrated Market Enforcement Team (IMET) have issued a joint warning about fraudulent investment opportunities related to the virus. 

Presently, there is no vaccine or natural health product that is authorized to treat or protect against COVID-19. 

Both the OSC and RCMP–IMET are encouraging anyone looking to invest in products related to the pandemic to do their own research first and/or talk to a registered investment advisor.

Investors are advised to use caution when approached regarding aggressive stock promotions, which may make false claims of large profits and baseless stock price projections.

Further, the OSC is warning the public of scams related to the pandemic, which could include: 

  • Work-from-home scams: fraudsters are taking advantage of individuals looking for alternative sources of income due to COVID-19 related lay-offs or salary cuts. They offer opportunities to earn high profits at home as a securities or a derivatives trader, without requiring a license or any experience in the financial market.
  • Warnings About Your Finances: fraudsters are using the fear of current economic conditions to target individuals, posing as their bank or investment advisor. They may contact individuals with warnings about their investments or finances and request sensitive financial or personal information.
  • Pump-and-Dump Scams: fraudsters spread positive, but false, information claiming to have products or services that will prevent, detect or cure COVID-19 that lures many investors to purchase the stock. Fraudsters then quickly “dump” their shares before the hype ends, resulting in a substantial payout for them. 
  • Fake Government Messages: fraudsters target individuals by posing as government departments or agencies. They may send a text or email related to COVID-19 or the Canada Emergency Response Benefit (CERB) prompting individuals to click on a link or attachment or provide their personal or financial details. 

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1 week ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

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The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

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This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

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The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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