Pacific Trust & Securities Perpetrating an Advance Fee Fraud

During an investigation recently conducted by FSCO, it came to the attention of FSCO that Pacific Trust & Securities may have been an entity related to Equity Financial Trust (see FSCO Warning Notice – July 14, 2006) which, along with other related entities, may have been involved in perpetrating a scam similar to what is commonly known as an Advance Fee Fraud (AFF). It appears that the entities used "Trust" in their names in an attempt to defraud consumers. However, it is not registered to carry on business as a loan and trust corporation.

The investigation conducted by FSCO found that Pacific Trust & Securities (Pacific Trust) may have links to Equity Financial Trust, North West Pacific Credit Union, Trust Union Financial and Investment Services, Royal Pacific Credit Union, and Royal Investment Trust Bank. Each of the entities used an identical four-step registration process on their websites.

None of the contact information for Pacific Trust was located in Ontario, other than an Internet Service Provider that hosted its website. The website was registered to an address in British Columbia, and the contact information on the website referred to a telephone number in Alberta. The website has been shut down, and the information related to the Alberta-based phone number was referred to the Deputy Superintendent of Financial Institutions in Alberta.

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 entities under investigation include:

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.

For further information about these entities, please contact:

Phonebusters
Box 686
North Bay, ON
P1B 8J8
Website: www.phonebusters.com
Phone: (705) 495-8501
Toll free: 1-888-495-8501
Fax: 1-888-654-9426
E-mail: info@phonebusters.com
Advance Fee Fraud e-mail: wafl@phonebusters.com