Falcon Financial and Trust Perpetrating an Advance Fee Fraud

During an investigation recently conducted by FSCO, it came to the attention of FSCO that Falcon Financial and Trust may have been involved in perpetrating a scam similar to what is commonly known as an Advance Fee Fraud (AFF). It appears that the entity used "Trust" in its name in an attempt to defraud consumers. However, it is not registered to carry on business as a loan and trust corporation.

According to information posted on its website, Falcon Financial Trust (Falcon) may have been operating from an address on Sheppard Avenue West, and using Toronto phone numbers. The phone numbers have been suspended and Falcon’s website was shut down by the Internet Service Provider.

FSCO has found that consumers who have been contacted by perpetrators of an AFF – often located off-shore – are 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 entity under investigation included:

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.