The Investment Dealers Association has issued a fraud warning to its members, highlighting the risk of identity theft.

The regulator says that one of its member firms was the target of an attempted fraud using stolen identification and a cheque drawn on a bona fide Canadian bank.

The IDA says that the Toronto Police Service has identified the alleged fraudster, and it warns that the suspect may use the names, David Rexach, Patrick Gates and David Pugh, in perpetrating the fraud.

The IDA warning also includes an address, phone numbers, social insurance numbers, drivers license and bank account information that was used it the alleged fraud.

The IDA says that the cheque was deposited into an account with the unnamed firm, followed by a request to have the firm issue a cheque to the individual. “The individual used personal information that may have been stolen and modified in order to open the account at our member firm,” the IDA warns. “The particular matter has been resolved and the bank account used in this attempt has been closed. However, it is possible that the suspect may be using other accounts or that he has successfully completed similar frauds in the securities community.”

The IDA says that members are encouraged to review their accounts and to be aware of the growing prevalence of identity theft.