Do You Know What Investment Fraud Looks Like?

MAY 13, 2013, WINNIPEG, MANITOBA – According to a recent survey conducted by the Manitoba Securities Commission (MSC), one in five Manitobans have been approached by what they thought was investment fraud, thirty percent of Manitobans don’t recognize investment fraud and twenty five percent believe that reporting investment fraud is more trouble than it is worth.

“As an organization, whose mandate is to act in the public interest to protect Manitoba investors, we are very concerned with these numbers,” said Don Murray, Chair of the Commission. “Recognizing the signs and types of investment fraud, doing a thorough background check and reporting suspicious activity are the best ways to protect yourself from becoming a victim” said Murray.

Individuals who indicated in the survey that “reporting investment fraud is more trouble than it is worth,” felt that the following would prevent them from reporting investment fraud:

• No time/too time consuming
• Fear/afraid of repercussions/threats/having to testify
• No consequences/unlikely to be caught or punished

To address the survey findings and public concerns with reporting, the MSC has developed Recognize Investment Fraud.com. The website has information on the red flags of investment fraud and what proactive steps you can take to protect yourself from becoming a victim. There is also a toll free number and an online reporting form that Manitobans can use at anytime, to easily and quickly report suspicious behavior. While you do not need to identify yourself to make a report, the success of an investigation often depends on being able to speak with victims.  

Commission Investigator Len Terlinski emphasizes,” we want the public to know that it is extremely important that investment fraud is reported to the Commission. By reporting suspicious activity we increase our chances of being able to prosecute the operators of these schemes and are often able to stop investment fraud before our family and friends fall victim”.

To learn where investment fraud happens and what investment fraud looks like, visit recognizeinvestmentfraud.com today.  You can also call the MSC tip line at 1-855-FRAUD-MB to report investment fraud or talk to an investigator.

 

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About The Manitoba Securities Commission
The Manitoba Securities Commission is a division of The Manitoba Financial Services Agency, a special operating agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province.

Contact
Ainsley Cunningham
The Manitoba Securities Commission
Phone (204) 945-4733
Cell: (204) 619-1756