Have you ever been hit by fraudsters?
It's no secret that senior citizens are often the targets of fraud and financial crimes.
Among the reasons: Some older people have built substantial assets (including their own home/cottage and large savings accounts), they're easy to find at home, and they can often be swayed by fears of losing their financial independence.
Estimates from MetLife's Mature Market Institute suggest that this group loses approximately $2.6 billion per year due to financial abuse -- fraud, as well as theft by family members and acquaintances.
But it seems that seniors aren't the only group getting fleeced.
With a generally low level of investment knowledge, Canadians of all ages remain popular targets for fraudsters, according to the The Canadian Securities Administrators (CSA) which just released the third edition of its survey of investment knowledge, investor behaviour and incidence of investment fraud.
Almost 30% of Canadians believe they've been approached with an investment fraud at some point in their life, more often than not through email.
Yet, just 29% of those potential fraud victims said they reported the most recent occurrence to the authorities –- police or the RCMP being the most popular when asked to indicate where they would go to report.
What’s worse though, “don’t know where to report” had the next largest proportion of respondents.
Are you among that 30%? Were you scammed? Did you report it? Any redress?
By Gordon Powers, MSN Money
Posted by: Eric Brewster | Nov 28, 2021 10:41:44 AM
Yes I have been hit by Corporation Fraud, brokers that lure people into Mutual Growth Funds for about 2.5yrs or more, an example is the Templeton Mutual Growth Fund, a conglomerate more or less run by Kevin O'Leary of the same fame as Dragons Den on the CBC TV Network. The company where I invested $3,000 of an inheritance of mine was named "Scotia McCleod" in Kentville, NS it had a group of brokers in it that controlled investors portfolioes. But what many investors did not know then between 1990 to about 2000, was that the company skimmed clients dividends through more than 108 companies that most of the companies were having financial difficulties and were too heavily dipping out of clients accounts. The Brokers often conned the investors with fake stories of how bad the markets were but if you kept your money in for another 5-6 years you could reclaim your principal investment. Sadly if one accepted the brokers tales at facevalue the client would gain very little investiment from the portfolio the client had, the investment was accounted quarterly as the client would recieve a statement at the end of that quarter on how well their investment was supposedly doing. I stuck with my investment for 2.5yrs watching the stockmarkets in the Chronical Herald and writing down from the actual financial markets recording the templeton growth fund, to my surprise I found I was being bilked of my investment of $3,000. I waited untill my mutual fund accumulated $800 dividends then I terminated my account, sufficed to say the brokers of the Templeton Mutual Growth Fund was very dissappointed to loose my investment. In the end I took out my TMGF dividends of $3,000 and spent most of it on a computer and a motorscooter for work, much happier for outstepping the Conbrokers at their own game.
Posted by: J | Dec 1, 2021 8:02:43 AM
The biggest fraudsters is CRA. They allow and disallow at will. There are no real clear rules, they have the power to change the rules in mid game, they have the power to do what they want. You will never see the government go after the fraudsters, they will only chase and torment the tax payer who was ripped off. Where are our politicians, oh yes out spending our tax money in the effort of getting re-elected.
Posted by: Eric Brewster | Dec 2, 2021 12:05:30 PM
I hear you J. When your bank your very happy to put some savings in operates an Investment Branch of itself called formerly Scotia McLeod and the brokers there were supposed to tell you that your 4 Monthly investment was doing well, come to find out that the "name of the game" was skimming your primary Insured Investment by over 105 companies nipping off bits of your dividend profits well it left a very bitter taste in my mouth. Yessss CRA hummmmm infact there is a CRA group investment firm right in Kentville, Nova Scotia, Canada not too far away from Scotia McLeod, I would bet that Kevin O'Leary has his fingers in that investment firm too. Few people know how far the reach of crooks like friends of Kevin O'Leary and other wealthy Canadian "Citizens" stretch. I am trying out a new MSN email address on this post J.
Posted by: Eric Brewster | Dec 2, 2021 12:26:41 PM
Gordon Powers, I wonder how are you supposed to report Fraudulant activities of branching of bank investment firms? CRA and Scotia McLeod are but two of the myrid Mutual Fund investment scamming branches......my replies and J.'s replies are typical of many large and small investment clients that are supposedly "served" by these supposedly REGULATED investment firms. Sadly the RCMP does not spend alot of time and effort over arresting such brokers at such investment companies for as little as $3,000 or less......the only way I was finding I was being bilked was buy learning how to "futurize" the Chronical Herald's stock pages and understand what - and + meant of now the stocks went up or down and the Templeton Growth Fund was plainly listed, THE DAMN broker I had dealings with had a computer sugar coating his bilking and what could I do to him, he was a drone of a drone of a small piece of this Damn Dragons Den Kevin O'Leary. I had no lawyers to sue him nor any way to touch the bugger except become wise when parts of my $3,000 Primary Insured investment portfolio were being skimmed off quartely and I learned this when -.3+.4+.5....and so on....and so on of the companies involved in this broker's list of companies were ripping off my profit dividends. One can speculate that after 2.5 stinking years of your money of Principal $3,000 sitting in their investment firms computers that it should make a more of a profit than $800 and them lying to you telling you, "But Mr Brewster.......the stockmarket of this year has been in recession and it is just how the stockmarket goes....we cannot do anything about that unless we were on Mount Olympus and perhaps I was Zeus, then I could effect this recession." I HAD REMOVED MY MONEY AT ABOUT 1997 from Scotia McLeod, One would have thought that at about 3years one would have had a profit of about $6,000 but with Scotia McLeod no stinking dice, that is how angry I am about their slick conjobs with their brokers. Scotia McLeod has a different name but still the same brokers.
Posted by: Eric Brewster | Dec 2, 2021 12:35:46 PM
Gordon Powers, I think you better raise the percentage up higher of people that are getting "bilked"; it is probably if I were to speculate, 45% of all Canadians and American Clients of all Branch Banking that are getting defrauded. A friend of mine had invested $10,000 in the same Mutual Growth Fund that I did invest in. After a time he too found out the same thing I did, his profit dividends after 2.4 years of letting Scotia McLeod Play their Mount Olympus Games was not living up to what they had first told him that he would be making on his investment. Oh he switched his investments to another portfolio but the fact still remains that as J. has said there is little real regulations in the Investment Industries and the Canadian Banks are more than willing to ripoff their clients in their branch investment houses quite safe from RCMP inquiries and arrests of their "most trusted" brokers!
Posted by: (Ms.) Cornelia bryant | Dec 2, 2021 4:29:16 PM
I have not been fleeced, "bilked," or otherwise misled yet, and I hope that I will never be.
Posted by: Eric Brewster | Dec 4, 2021 8:45:12 AM
Ms. Cornelia byrant, I certainly hope your never bilked by stockbrokers like I and J. was, however and unfortunately you will be mislead in your financial portfolio in your lifetime.....or someone most like you will be. Since Gordon Powers does not reply to his own topics then I suppose I have to be the mind of wisdom like J. is when he posted his words about being bilked. It is not fun to be bilked; those that do the bilking hide behind big banks and branch financial institutions telling the clients that they are not being bilked. Even now in Scotia Bank, people are putting their lifesavings into mutual funds that the Bank Of Nova Scotia encourages even lowincome people to invest in, sadly the facts are that their investment programs are disguised scamming investment funds. As I have said before, between 100 to 200 companies fighting to skim your dividends into their pockets, you don't even know that it is taking place untill you check such newspapers such as the Chronical Herald etc.