The Ontario Securities Commission is warning investors about a possible fraudulent advance fee scheme.

On Monday, the OSC warned investors not to send money to Impact Finance or Douglas Charles.

Impact Finance is purportedly located in Boston, Massachusetts. Douglas Charles is purportedly located in Panama City, Panama. The OSC notes these entities are not registered in any capacity with the commission.

“Representatives of these entities, including an individual purported to be Ian T. Ball, may be soliciting residents of Ontario in a fraudulent advance fee scheme,” the OSC said in a release.

The OSC says Impact Finance and Douglas Charles representatives are contacting investors who hold securities of York Rio Resources Inc. and offering to exchange these securities for shares of another company.

Investors are being told that they have to send an advance fee payment to these entities before their securities can be exchanged.

The OSC cautions that investors are in danger of being defrauded of the fees they send and never receiving payment for the securities that are purportedly being sold for them.

York Rio Resources Inc. is a respondent in an illegal distribution and fraud proceeding that is currently before the OSC awaiting a hearing.

Persons with any questions or information relating to these matters, are urged to contact the OSC Contact Centre at 1-877-785-1555.