Securities regulators urge Canadians to help prevent financial abuse of seniors

CSA Securities

Vancouver - The Canadian Securities Administrators (CSA) is recognizing World Elder Abuse Awareness Day on June 15 by urging Canadians to be aware of, and report, financial abuse involving seniors.

Elder abuse relating to finances may appear in a variety of forms: an investment offered to a senior might be an outright fraud, or it could be a legitimate investment product that is unsuitable for the senior’s circumstances. Problems involving securities can also include theft of funds or products sold by unregistered sales representatives.

“Financial losses through investment fraud and unsuitable investments can be devastating for anyone,” said CSA chair, Jean St-Gelais. “However, seniors living on a fixed income or limited savings have a more difficult time recovering from financial loss.”

A 2007 CSA study found that victims of investment fraud experience negative effects on their physical and mental health. Fraud victims in the study reported higher stress levels, increased feelings or displays of anger, depression, and feelings of extreme loss or isolation, as well as physical effects such as panic or anxiety attacks.

The CSA encourages all seniors to investigate every investment opportunity before they give someone their money. Seniors should also consider seeking out independent, third party advice if they are unsure about an investment.

The CSA urges anyone who suspects or knows of an investment fraud to report it to their local securities regulator. This link will open in a new window Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.

The CSA website ( This link will open in a new window) provides important information about investing that can help seniors, their families, and their caregivers recognize and avoid investment scams. These include:

The CSA, the council of securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514 940-2176

Alberta Securities Commission

Mark Dickey

403 297-4481

British Columbia Securities Commission

Ken Gracey

604 899-6577

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly

709 729-2594

Manitoba Securities Commission

Ainsley Cunningham

204 945-4733

New Brunswick Securities Commission

Wendy Connors-Beckett

506 643-7745

Northwest Territories Securities Office

Donn MacDougall

867 920-8984

Nova Scotia Securities Commission

Natalie MacLellan

902 424-8586

Nunavut Securities Office

Louis Arki

867 975-6587

Ontario Securities Commission

Carolyn Shaw-Rimmington

416 593-2361

PEI Securities Office, Office of the Attorney General

Janice Callbeck

902 368-6288

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Yukon Securities Registry

Fred Pretorius

867 667-5225