Crypto Recovery Scam Impersonates PGM Global Inc., CIRO Issues Public Warning

The Canadian Investment Regulatory Organization (CIRO) has issued an investor alert warning the public of an impersonation scam involving a fraudulent entity claiming to be PGM Global Inc., a registered firm under CIRO's oversight.

The entity is called "Global PGM Inc." and targets individuals who previously lost funds in cryptocurrency scams. Fraudsters, identifying themselves using the name "Isaac Brook," offer false recovery assistance and then direct victims to a deceptive website, globalpgminc.com.

The fraudulent site misappropriates the former corporate name of PGM Global Inc. (Pavilion Global Markets), lists the company’s actual corporate office address, and unlawfully displays CIRO’s logo. It also features links to CIRO and other regulatory websites to lend false credibility.

CIRO noted that the only legitimate website associated with PGM Global Inc. is https://pgmglobal.com. The regulator stressed the importance of vigilance against this type of impersonation scam, posing a growing threat to investors.

CIRO Gives Investor Protection Tips

• Verify all communications by contacting financial firms directly through their official websites and contact details.
• Report any suspicious claims of CIRO affiliation or impersonation directly to CIRO.
• Avoid sharing personal or financial information without confirming the legitimacy of the request.

In recovery scams, fraudsters often pose as legitimate entities, regulators, or law firms, and may direct victims to professional-looking but fraudulent websites. They may misuse the names, logos, and addresses of real companies or regulatory bodies to appear credible. 

Investors can Ask a Question on BrokersView for insights into more warning signs of recovery scams and can Submit a Complaint to report such scams.