Nova Scotia Securities Commission warns of ‘recovery scam’ involving impersonation

The Nova Scotia Securities Commission is cautioning residents about a scam involving impersonation and recovery schemes. The scam involves fake letters sent by someone posing as a member of the commission's enforcement staff, informing investors they have been granted financial compensation for a previous investment fraud. The letter instructs victims to transfer funds to verify their account, claiming these funds will be returned along with a restitution payment.

The commission describes this as a recovery scam, which preys on victims' desire to recover previously stolen money. The regulator warns that fraudsters often reuse victims' financial information to victimize them a second time, and sometimes sells the information to other criminals. Anyone receiving such a message is urged to report it immediately.