November 20,2025
RED FM News Desk
Peel Regional Police are warning residents about a rise in fake Guaranteed Investment Certificates (GICs) being sold online.
Between 2022 and 2024, many people reported losing money after visiting websites that looked like real Canadian bank pages. Victims searched online for GIC rates, clicked on links, and were taken to websites made to look official. After they entered their contact information, scammers posing as investment advisers reached out by email or phone.
The scammers then told victims how to send money and provided documents that looked real. Some victims even received fake GIC certificates. After the money was sent, the scammers stopped responding. Phone numbers no longer worked, and emails went unanswered. When victims called the real banks, they were told no investments existed under their names.
On November 12, 2025, police arrested John Marshall, 63, of Brampton. He is accused of defrauding a Peel resident of $200,000 in 2024. Police were able to recover $113,000. He is charged with Fraud Over $5,000 and Possession of Property Obtained by Crime.
Police are urging the public to take simple steps to stay safe:
- Verify the offer: Call the bank directly using a number from its official website.
- Check the website address: Watch for spelling errors or strange-looking links.
- Do not send money to unknown accounts: Real banks will not ask you to transfer funds to unrelated people.
- Be cautious of high rates: If the GIC rate seems too good to be true, it likely is.
Anyone who believes they were scammed should contact the Peel Regional Police Fraud Bureau at 905-453-3311, ext. 3335.
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