The Canadian Press

Police in Quebec are dismantling an organization that allegedly swindled seniors out of their retirement savings.

The RCMP is hoping to arrest 16 people at various locations in and around Montreal.

The Mounties said at a news conference Tuesday the ring used classified ads, the Internet and word of mouth to attract victims.

Seniors were allegedly promised a major windfall if they transferred their RRSPs to a regular bank account, and were then asked to provide personal banking information.

The ring then allegedly used these savings to buy shares, driving up stock prices in a scheme commonly known amongst traders as a pump-and-dump.

Police say the culprits then sold their own shares and the seniors were stuck with huge losses when the shares subsequently tumbled.

The RCMP is warning people not to share personal banking information with strangers.