Canadian Securities Administrators

Canadian Securities Administrators

June 15, 2009 11:10 ET

Canadian Securities Administrators: Securities Regulators Urge Canadians to Help Prevent Financial Abuse of Seniors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2009) - The Canadian Securities Administrators (CSA) is recognizing World Elder Abuse Awareness Day on June 15 by urging Canadians to be aware of, and report, financial abuse involving seniors.

Elder abuse relating to finances may appear in a variety of forms: an investment offered to a senior might be an outright fraud, or it could be a legitimate investment product that is unsuitable for the senior's circumstances. Problems involving securities can also include theft of funds or products sold by unregistered sales representatives.

"Financial losses through investment fraud and unsuitable investments can be devastating for anyone," said CSA chair, Jean St-Gelais. "However, seniors living on a fixed income or limited savings have a more difficult time recovering from financial loss."

A 2007 CSA study found that victims of investment fraud experience negative effects on their physical and mental health. Fraud victims in the study reported higher stress levels, increased feelings or displays of anger, depression, and feelings of extreme loss or isolation, as well as physical effects such as panic or anxiety attacks.

The CSA encourages all seniors to investigate every investment opportunity before they give someone their money. Seniors should also consider seeking out independent, third party advice if they are unsure about an investment.

The CSA urges anyone who suspects or knows of an investment fraud to report it to their local securities regulator. Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.

The CSA website (www.securities-administrators.ca) provides important information about investing that can help seniors, their families, and their caregivers recognize and avoid investment scams. These include:

- Scam Artists Pursue Adults Over 50

- Boiler Room Scams: Could you be vulnerable?

- Protect Your Money: Avoiding frauds and scams

- Know the Red Flags of Investment Fraud

The CSA, the council of securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

Contact Information

  • Ontario Securities Commission
    Carolyn Shaw-Rimmington
    416-593-2361
    or
    Alberta Securities Commission
    Mark Dickey
    403-297-4481
    or
    Manitoba Securities Commission
    Ainsley Cunningham
    204-945-4733
    or
    Nova Scotia Securities Commission
    Natalie MacLellan
    902-424-8586
    or
    Department of the Attorney General - Prince Edward Island
    Janice Callbeck
    902-368-6288
    or
    Yukon Securities Registry
    Fred Pretorius
    867-667-5225
    or
    Northwest Territories Securities Office
    Donn MacDougall
    867-920-8984
    or
    Autorite des marches financiers
    Sylvain Theberge
    514-940-2176
    or
    British Columbia Securities Commission
    Ken Gracey
    604-899-6577
    or
    New Brunswick Securities Commission
    Wendy Connors-Beckett
    506-643-7745
    or
    Saskatchewan Financial Services Commission
    Barbara Shourounis
    306-787-5842
    or
    Financial Services Regulation Div. Newfoundland and Labrador
    Doug Connolly
    709-729-2594
    or
    Nunavut Securities Office
    Louis Arki
    867-975-6587