Regulators have issued a pair of fraud warnings to Ontario consumers. One highlights fake websites luring investors, and the other calls out a life and health insurance company that’s not licensed in the province.
The Canadian Investment Regulatory Organization (CIRO) issued a statement Tuesday warning that three websites that claim an association with the CIRO-licensed firm Highgate, are in fact fraudulent. The fake URLs are highgatetrading.com, highgatetradingai.net and hgtradingai.net.
“It is important to note that Highgate’s legitimate and only domain is highgategroup.ca,” said CIRO. “Any other website should be deemed fraudulent.”
The regulator said it has seen an uptick in impersonation scams. Investors who believe they’ve been harmed should contact CIRO, their bank, local police, provincial securities regulator and the Canadian Anti-Fraud Centre.
Today, the Financial Services Regulatory Authority of Ontario (FSRA) issued a release warning consumers in the province that Hero Life Insurance is not licensed to do business in Ontario.
“We urge consumers not to obtain insurance products from or those that have been arranged through Hero Life Insurance,” FSRA said. “Consumers are not protected under the Insurance Act if they purchase insurance from unlicensed individuals and/or companies.”
It’s been alleged that Hero representatives are soliciting business by telephone and email.
FSRA’s website offers a list of Ontario licensed insurance companies.