Canadian Couple Falls Victim to HYWI Capital Investment Scam, Losing $300,000

A couple from Ottawa, Canada, fell victim to an investment scam by HYWI Capital, losing over $300,000.

According to CTV News Canada, victim Adnan Siddiky and his wife were introduced to Toronto-based HYWI Capital last year by a friend they had known for 31 years.

Siddiky stated that when a longtime acquaintance proactively recommended a supposedly "risk-free" investment opportunity, he felt pressured into participating. The couple mortgaged their house in Ottawa, investing $303,623, which was all transferred to Mark Cummings, a former insurance executive. The funds were allegedly invested into stock market.

Under a contract signed with the purported CEO of HYWI Capital, the couple was promised a 2% monthly return starting in July, with their principal to be returned after one year. Siddiky also revealed that Cummings had assured them the investment was “risk-free” and introduced a “senior partner,” Eugene Todorov.

Initially, the couple did receive two months of returns in July and August. However, subsequent payments never arrived. When Siddiky questioned the delays, Cummings blamed a “banking glitch.”

When the couple sought to withdraw and reclaim their principal, Cummings and Todorov merely reassured them that “everything’s going to be fine” and promised to process the withdrawal request. Nevertheless, the victims recovered nothing.

CTV News has learned that at least five other victims fell prey to the scam. Two individuals suffered combined losses of up to $1.5 million, and civil lawsuits have since been filed.

Additionally, Vlad Marchuk, the alleged CEO of HYWI Capital, clarified that he left the company in April 2023 and denied signing Siddiky's contract. In an email to CTV News, he stated: "I didn’t represent the company and didn’t sign any agreements on behalf of the company since April 8, 2023."

Meanwhile, the Ontario Securities Commission (OSC) confirmed via email that neither HYWI Capital nor Cummings holds authorization to conduct securities business.

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