Provincial Financial and Trust Services Perpetrating an Advance Fee Fraud

During an investigation recently conducted by FSCO, it came to the attention of FSCO that Provincial Financial and Trust Services may have been involved in perpetrating a scam similar to what is commonly known as a Advance Fee Fraud (AFF). It appears that the entity used "Trust" in its name in an attempt to defraud consumers. However, it is not registered to carry on business as a loan and trust corporation.

According to a complaint received by FSCO, Provincial Financial and Trust Services (Provincial) United Alliance Trust provided an address of 3175 King St., Suite 316 Toronto ON, L4L 8G6, which does not exist. The complainant was offered a portion of a large sum of money in payment for facilitating the transfer of funds from another country. The complainant was asked for an advance fee after receiving a cheque from Provincial. It appears that the complainant was sent a fraudulent cheque to deposit in his bank, but was required to return a "loan insurance security deposit" to Provincial within 48 hours. FSCO was not able to locate Provincial’s website. The address given on Provincial’s letterhead does not exist and the postal code is not in Toronto. Provincial’s phone numbers were also shut down.

The entity under investigation included:

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