CIRO Alerts to Investment Recovery Scam Involving Impersonation of IIROC Employee

The Canadian Investment Regulatory Organization (CIRO) has issued an investor alert on a sophisticated investment recovery scam involving a fraudster impersonating an employee of the Investment Industry Regulatory Organization of Canada (IIROC), CIRO’s predecessor.

The fraudster uses the name Angela Maher and the email address angela.maher@iiroc[.]consulting, falsely claims to represent IIROC’s “Recovery & Compliance Division”. CIRO has confirmed that no such employee exists and emphasized that no legitimate CIRO representative will ever request payment from investors—a clear warning sign of fraud.

The scheme specifically targets individuals who have already suffered financial losses from previous scams. Victims are approached with promises of fund recovery in exchange for upfront fees, but end up losing additional money. In some cases, the fraudsters request remote access to victims’ devices, increasing the risk of further financial theft and data breaches.

“Fraudsters are becoming very sophisticated in their use of technology,” CIRO cautioned. “Investors should always independently verify the information they find on the Internet.”

This is not the first instance of impersonation scams involving CIRO or IIROC. In April, CIRO issued a similar alert warning of fraudulent individuals posing as CIRO employees in investment recovery scams.

CIRO continues to urge Canadian investors to remain vigilant, verify the legitimacy of anyone claiming to represent CIRO, and report suspicious activity through official channels.

Investors can also Ask a Question on BrokersView for more insights into avoiding recovery scams.