In the short-selling, meme-stock, crypto-crazed world of investing, Guaranteed Investment Certificates (GICs) are supposed to be the safe, fairly boring bet. The payout may be moderate, but you’re not supposed to lose money.
Unfortunately, that’s not always the case as evidenced by a recent release from Peel Regional Police warning the public after would-be investors were duped into buying fake GICs.
“Between 2022 and 2024, the Fraud Bureau received multiple complaints from members of the public who were deceived by fraudulent websites that appeared to be held by legitimate Canadian financial institutions,” police said.
Investigators said victims performed online searches for GICs and were directed to counterfeit websites that looked just like legit banking sites.
Not realizing the sites weren’t real, they entered their contact information. Police say they were then contacted by individuals “posing as investment advisers,” and “using email addresses that appeared to be associated with the institution.”
“Victims were then provided with instructions to transfer funds, accompanied by documentation that appeared authentic.”
The alleged fraudsters went as far as to send follow-up emails confirming receipt of funds and official-looking GIC certificates.
But that’s where the “guaranteed” part of the investment quickly vanished, along with their money.
Attempts to reach the phony institutions proved futile.
“In each instance, communication eventually ceased,” police added. “The provided phone numbers were no longer in service, and emails went unanswered. When victims contacted the actual financial institutions, they were informed that no such investments had been made in their names.”
On November 12, 2025, police arrested John Marshall, 63, of Brampton.
He’s facing charges of fraud over $5,000 and possession of property obtained by crime in connection with an alleged incident in 2024.
In that case, police said a Peel resident was defrauded out of $200,000.
Authorities have been able to recover $113,000 of the money, police said.
