BoC issues alert about investment scheme

The Bank of Canada is warning about a fraudulent investment scheme that is falsely claiming to involve Canada’s central bank.

In an alert issued on Monday, the bank warned about an allegedly fraudulent scheme being carried out by a firm called World Way Capital (WWC).

It said that WWC is providing investors with a fraudulent “deposit guarantee/investor compensation” term sheet that claims the Bank of Canada will guarantee deposits in US dollars and cryptocurrencies.

“The Bank does not accept deposits nor does it guarantee any deposits or investments with WWC or any other company,” it said in the alert. “The Bank has no connection to this scam.”

Additionally, the central bank reported that the firm is also giving investors a “false partnership agreement” claiming to document a deal between the firm and the central bank. The Bank stresses that it doesn’t have any agreement with WWC.

“This fraudulent investment scheme misrepresents the [Bank of Canada] and makes use of the Bank’s name, identity, logos, trade-marks and letterhead without authorization,” it said.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.