Toronto online investment company scams victims out of thousands

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

Investment company Premier POS Solutions Inc. in Toronto promises their clients at least 20% return on the investment but leaves them empty-handed. Multiple complaints have been reported online (BBB Business Review). The investment scam resulted in losses of thousands of dollars.

Names working at Premier POS connected to online scams

The business was incorporated 1 year ago in 2015. Most victims invested an initial $11.000 in November 2015 and they were promised a return of $200. They only received one disbursement after their investment and the communication with the company stopped. They were in contact with different employees, under which Daniel Smith, Jeffrey Brian / Brian Jeffrey (Executive Accounts), Syed Jafry (President) or Abdul Khan (Director) (complaints at 411). These names seem to be connected to more online scams, for example Khan who is reported in a job offer scam (Scamwarners) and Smith in a romance scam (Scam site).


 Milton resident looses $100,000 to online investment scam

A victim from Milton, Ontario reported at BBB Scam Alert in May that he lost $98.000 to the company: “I received the payment up to November 2015 but each month the payments were being delayed. Initially I was promised that the payments will be made by mid following month, then it moved towards the end of following month and finally it was delayed by over a month. Eventually they have stopped all the payments. I have left countless message, e-mails and text messages but no one is replying back”.

Remember: before you make any investment, do your research. Generally, anyone selling securities or offering investment advice must be registered with their provincial securities regulator. Check registration through the Ontario Securities Commission or Canadian Securities Administrators (Get Smarter About Money).

This content is based on online reports from victims and potential victims.