Equity Financial Trust and Related Entities Fraudulently Perpetrating an Advance Fee Fraud

During an investigation recently conducted by FSCO, it was found that Equity Financial Trust and other related entities in Ontario were involved in perpetrating a scam similar to what is commonly known as an Advance Fee Fraud (AFF). These entities used "Trust" or "Credit Union" in their names in an attempt to defraud consumers. However, they are not conducting business in these areas, nor are they registered to do so.

FSCO found that consumers who had been contacted by perpetrators of an AFF – oftentimes located off-shore – were being directed to deposit up-front fees with the fraudulent entities in Ontario in order to access funds promised by the perpetrators of the AFF.

The entities under investigation include:

For further information about these entities, please contact:

Phonebusters
Box 686
North Bay, ON
P1B 8J8
Website: www.phonebusters.com
Phone: (705) 495-8501
Toll free: 1-888-495-8501
Fax: 1-888-654-9426
E-mail: info@phonebusters.com
Advance Fee Fraud e-mail: wafl@phonebusters.com

Before providing funds to any entity, it is strongly recommended that consumers ensure both the entity contacting them and the entity to which they have been directed to send money are not operating fraudulently. In Ontario, all financial institutions including loan and trust companies, credit unions and caisses populaires must be licensed/registered with FSCO or with the Office of the Superintendent of Financial Institutions (OSFI). If an entity purports to be a financial institution operating in Ontario, consumers should ensure that its name appears on the list of licensed/registered financial institutions on the FSCO or OSFI websites.

General Information About Advance Fee Frauds