The Ontario Securities Commission is warning investors to be aware of con artists using the names of established financial services organizations to commit fraud.

A con artist may try to borrow parts of another company’s name and reputation. Investors might associate the fraudulent company with the legitimate company — to their peril.

The OSC says company addresses can also help investors determine the truth about whether or not a company is actually a scam operation. A fictional entity may use an address that is incorrectly spelled, but close enough to a real address to go unnoticed.

Company Web sites can also mislead investors about the company’s reputation.

The OSC says investors can protect themselves by taking such steps as:

  • Consulting the he Office of the Superintendent of Financial Institutions Canada, which posts warning notices on the website www.osfi-bsif.gc.ca about “entities that it believes may be of concern to the business community and the public”;
  • Checking the registration of an investment, and the person or company offering it by calling the OSC Contact Centre toll-free at 1-877-785-1555, or check the registrants’ listing at www.osc.gov.on.ca; and
  • Checking the credibility of company information. The documents that public companies file with securities regulators are available on www.sedar.com.