Submitted by nsscadmin on
Have you come across what you think may be investment fraud? Should you report it to the Nova Scotia Securities Commission? The Commission receives fraud inquiries daily by email, phone and the reporting form on our website. However, not all the fraud reported to us falls under the Commission’s mandate.
The Nova Scotia Securities Commission has jurisdiction over any securities or derivatives with a connection to Nova Scotia. This means any security or person offering securities specifically located in or threatening Nova Scotia, and anyone that is outside the province that is targeting residents of Nova Scotia. Before reporting something suspect to the Commission ask yourself;
Is the person or security located in Nova Scotia?
If not, please contact the securities regulator most connected to the scam
Am I located in Nova Scotia?
If the answer to at least one of these questions isn’t yes, then the Commission has no oversight. Instead, you should contact securities regulators in the proper jurisdiction.
There is another question you should ask before reporting something suspect to the Commission.
Does it involve securities or derivatives?
There are many types of fraud. The Commission only has oversight over fraud that deals with securities or derivatives in some way. So, if you receive a text from someway saying you owe money to the CRA, or the RCMP has a warrant out for your arrest you shouldn’t report those to the Commission. The Commission has no oversight in these instances, and they should be reported to police or the Canada Anti-Fraud Centre.
If your concern does have a connection to Nova Scotia and securities or derivatives you should contact the Commission. Please include where you live and your phone number so we can confirm the connection and contact you. Other relevant information that would be helpful includes:
How is what you are reporting connected to securities?
Is this regarding an investment? What is the name of the investment product? What did you think you were investing in?
What is your complaint?
Have you contacted any other organizations about this matter? This includes police, lawyers, other regulators, SROs, (self regulatory organizations such as the Mutual Fund Dealers Association (MFDA) or the Investment Industry Regulatory Authority of Canada (IIROC), etc.
What steps have you taken to find out more? This could include legal action, contacting the person or entity, etc.