CSA warns of fake Fidelity scam

Canadian securities regulators are warning investors about an alleged investment scam that appears to be impersonating fund company Fidelity Investments.

The Canadian Securities Administrators (CSA) issued an investor alert about a scam that purports to offer a high, guaranteed return from fictitious investment vehicles — the “Fidelity Capital Protected Fixed Income Fund” and the “Guaranteed Investment Bond.”

The CSA said the scheme falsely claims to be regulated by the federal Financial Consumer Agency of Canada and to carry protection from the Canada Deposit Insurance Corp.

Fidelity issued its own warning to investors, noting that the scam uses fraudulent documents that “contained Fidelity’s logo, brand, likeness, an image of Fidelity Investments Canada ULC President Rob Strickland, and more.”

“Fidelity is actively monitoring the situation and taking all necessary steps to protect our clients and the community at large,” it said.

The CSA called on investors who may have fallen victim to the scam to contact their local regulators.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.