An Ottawa couple says they have lost more than $300,000 after investing in what they believed was a legitimate opportunity with a Toronto-based company. The couple alleges they were encouraged by long-time family friends to invest with HYWI Capital, but payments stopped months later, and they now suspect they were victims of an investment fraud.
An Ottawa couple is warning others after losing more than $300,000 in what they believe was an investment scam involving a Toronto-based company. Five years from retirement, Adnan Siddiky says he and his wife had planned to secure their financial future, but instead found themselves taking on a second mortgage to recover their losses.
The couple says the investment opportunity came through trusted family friends who introduced them to HYWI Capital in March. Siddiky said he had known the individuals for more than 30 years and believed the recommendation was sincere. They were told the company offered the chance to earn substantial returns, and that the investment would be safe.
According to Siddiky, they invested a total of $303,623 after taking out a second mortgage on their Ottawa home. The contract promised a two per cent monthly return, with the principal to be repaid after one year. The couple believed the agreement had been signed by HYWI Capital’s CEO.
The loan agreement directed the funds to Mark Cummings, identified as the company’s chief operating officer and a former insurance executive. Siddiky says Cummings assured them there were “no risks” and explained the funds would be invested in stock trading and another unnamed area. The couple was told they would begin receiving returns in July.
Siddiky says they received two months of payments in late August and then nothing further. When he contacted Cummings, he was told there was a banking issue and the matter would be resolved. Around the same time, Cummings introduced the couple to another individual, Eugene Todorov, described as a senior partner. Siddiky says the two men repeatedly reassured them that their withdrawal request was being processed, but no money was returned.
CTV News has learned of at least five other individuals with similar experiences, including two plaintiffs in an ongoing civil lawsuit. Combined losses among that group total $1.5 million, though individuals involved believe the true figure may be significantly higher.
The man listed as HYWI Capital’s CEO, Vlad Marchuk, says the signature on the Siddiky contract is not his. He says he left the company in April 2023 and has not been associated with it since that time. Cummings, in an email, said he is no longer involved with HYWI Capital and denied the allegations. Todorov did not respond to a request for comment.
Investigators say the features of the investment raise multiple concerns, particularly the unusually high promised returns. A senior investigator at a private investigation firm said the structure of the scheme, along with the use of personal networks to recruit new investors, suggests a larger operation.
According to correspondence from the Ontario Securities Commission, neither HYWI Capital nor Mark Cummings is registered to deal in securities in Ontario. A spokesperson would not confirm whether the regulator is investigating.
For Siddiky, the financial loss has been devastating, but the emotional impact is equally significant. He says the experience has shattered his trust and forced the couple to rethink their financial future.
Two other investors have filed a civil suit naming Todorov and Cummings as defendants. Court records indicate Todorov was previously charged on several quasi-criminal offences in 2016, including fraud, unregistered trading, illegal distribution, and breaching an OSC order.
