A 63-year-old man has been charged in connection with the online sale of fake Guaranteed Investment Certificates (GICs), which police described as an “emerging trend.”
Peel Regional Police said their Fraud Bureau received multiple complaints between 2022 and 2024 from victims who were deceived by fraudulent websites claiming to be legitimate Canadian financial institutions.
“In these cases, victims typically searched online for GIC investment opportunities and clicked on links directing them to counterfeit websites that closely resembled official financial institution pages. After entering their contact information, victims were solicited by individuals posing as investment advisers, using email addresses that appeared to be associated with the institution,” police said in a news release on Thursday.
The suspects would then provide victims instructions to transfer funds, accompanied by documents that appeared authentic, police said.
After that, follow-up emails confirming receipt of funds along with official-looking GIC certificates were sent.
“In each instance, communication eventually ceased. The provided phone numbers were no longer in service, and emails went unanswered. When victims contacted the actual financial institutions, they were informed that no such investments had been made in their names,” police said.
Earlier this month, Brampton resident John Marshall was arrested for a 2024 incident in which a Peel resident who was intending to buy a legitimate GIC was defrauded of $200,000.
Marshall has been charged with fraud over $5,000 and possession of property obtained by crime.
Police said the resident has recovered $113,000.
They are asking anyone who believe has been scammed to contact them at 905-453-3311 ext. 3335.
