Ontario investors warned of advance fee scheme

Date: Tuesday, June 29, 2010
Author: Investment Executive

The Ontario Securities Commission is warning investors not to send money to Prudence Trust Management or Goldstein Asset Protection. Representatives of these entities may be soliciting residents of Ontario in an advance fee scheme, said Monday.

The representatives are contacting investors who hold certain securities and offering to sell the securities for the investors at a substantial premium. Investors are being told that there is a selling restriction on the securities and that they will have to send an advance fee payment to Prudence or Goldstein before their securities can be sold.

Both Prudence and Goldstein are purportedly located in Toronto, but the address given by the firms does not exist. Neither Prudence nore Goldstein are registered with the OSC.

The two firms have been posted on the OSC's Investor Warning list.