February 10, 2015
The Financial Services Commission of Ontario (FSCO) is warning consumers about a mail scam conducted by the unlicensed company Cornerstone Assurance Brokers Inc., Division of Unclaimed Funds.
This entity appears to have issued notices advising the recipient that they were among the winners of a U.S. Telecommunication Lottery Sweepstakes Million Dollar draw, and their telephone number was attached to their name and drawn as the winning number.
The notice states that Cornerstone Assurance Brokers Inc. has been contacted by the multi-state Lottery Association to find winners that have not claimed their winnings and to help them with the laws and protocol as mandated by Federal and State regulations on sweepstakes winnings.
The recipient then receives a check from Cornerstone to help them pay taxes, insurance, handling and shipping fees. They are told a Telecommunications Lottery Sweepstakes representative in their area will deliver the rest of the winnings to them by direct cheque after they complete the claim process with an agent. They are provided with a name and a telephone number to activate the cheque and start the claiming process.
Consumers should note that this type of scenario is commonly involved in an advance fee fraud.
Cornerstone Assurance Brokers Inc., Division of Unclaimed Funds is advertising their office as being located at 859 O’Connor Drive, Toronto, ON, M4B 2S7. The telephone number is (647) 760-3413.
Consumers should exercise caution if they are contacted by anyone from these coordinates.
It should be noted that Cornerstone Assurance Brokers Inc., Division of Unclaimed Funds is not affiliated or associated with Cornerstone Insurance Brokers Limited, which is licensed by The Registered Insurance Brokers of Ontario (RIBO).
FSCO's website contains a list of all insurance companies and agents licensed to do business in Ontario. RIBO's website contains a list of all brokers licensed to do business in Ontario.