Scammed Investor Fights Back

Scammed Investor Fights Back

Manitoba, March 19, 2012 – With March being national Fraud Prevention Month, The Manitoba Securities Commission (MSC) is strongly encouraging Manitoba residents to report any suspicion of investment fraud.

“The victim of an investment fraud may feel too embarrassed or ashamed to come forward and report it to the Manitoba Securities Commission,” said Len Terlinski, Investigator with The Commission. “The perpetrators of investment fraud count on this. When a victim does not report it the fraud will continue and others will be victimized”.

One victim recounts how he lost over $300,000 to an investment fraud. The victim was enticed by a slick sales pitch, a professional looking website and opportunities to speak to the people “investing” his money. When he suspected that he may have fallen victim to an investment fraud he tried to get his money back. After several attempts he realized that he was never going to see his money again.

In this case, the victim reported the fraud to a Commission investigator. He doesn’t want others to experience the devastation of a financial loss. Now, when he is contacted for any type of “investment opportunity”, he collects as much information as he can and if in doubt contacts the Commission’s investigation unit. “What we know is that once a person is victimized in an investment scam they are more likely to be approached and fall victim a second time” says Terlinski. In fact, among Canadians who have invested in scams, 25% are repeat victims.  “There is greater likelihood of shutting these operations down when we all work together to stop this type of crime,” says Terlinski.

The following are tips that the MSC offers as ways you can protect yourself from falling victim to an investment scam:

• Never respond to unsolicited phone calls or emails.
• Never provide personal information to someone you don’t know or have never met.
• Never send money to someone you don’t know or have never met.
• Be wary of investments that tout high returns with little or no risk, require that you act quickly, provide no written information and are unable to answer any questions that you have.

Contact The Commission to confirm that the person or the company that you are dealing with is registered to do business in Manitoba. To report a potential investment fraud contact MSC at (204) 945-2548 or 1-800-655-5244 and ask to speak to an investigator.Â

To order a free Fraud Awareness Kit please visit MSCed.ca or contact Lorraine Hacault at (204) 945-5446 or toll free at 1-800-655-5244.

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