CDIC Warns of Internet Investment Scam.Business Editors OTTAWA--(BUSINESS WIRE)--Aug. 14, 2002 The Canada Deposit Insurance Corporation Canada Deposit Insurance Corporation or CDIC is a federal agency that provides insurance (up to a $100,000 CAD per personal and on Canadian accounts only) on financial services provided by chartered Canadian banks and financial institutions. (CDIC CDIC Chronic Diseases In Canada (journal) CDIC Canadian Deposit Insurance Corporation CDIC Carbon Dioxide Information Center CDIC Center for Data Intensive Computing (BNL) ) today advised North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. investors and depositors of an apparent internet fraud scam falsely involving CDIC that is currently underway. A person or group of persons carrying on business carrying on business n. pursuing a particular occupation on a continuous and substantial basis. There need not be a physical or visible business "entity" as such. as the Maryland Investments Club is offering cashable guaranteed investment certificates called "digital investment certificates" for sale over the Internet. These certificates are purported to be issued by MD Private Trust Company and are said to be held electronically and guaranteed in full, by the Canada Deposit Insurance Corporation. This is not the case. The signature of CDIC's General Counsel, Gillian Strong, on any Maryland Investments Club documentation is a forgery. The certificates falsely bear the Government of Canada The Government of Canada is the federal government of Canada. The powers and structure of the federal government are set out in the Constitution of Canada. In modern Canadian use, the term "government" (or "federal government") refers broadly to the cabinet of the day and wordmark and the logo of the Canada Deposit Insurance Corporation. CDIC is a Canadian Crown corporation established by the Parliament of Canada The Parliament of Canada is Canada's legislative branch, seated at Parliament Hill in Ottawa, Ontario. According to Section 17 of the Constitution Act, 1867, Parliament consists of three components: the Sovereign, the Senate, and the House of Commons. in 1967 to provide deposit insurance against the loss, in whole or in part, of deposits with member institutions in the event of their failure. CDIC does not issue or hold investment certificates of any kind for any person. To date, two investors in the United States have purchased false digital investment certificates. CDIC has turned this matter over to the Royal Canadian Mounted Police Royal Canadian Mounted Police, constabulary organized (1873) as the Northwest Mounted Police to bring law and order to the Canadian west. In 1920 the name was changed to the present title. commercial crimes section for further investigation and has informed authorities in the United States. Depositors and investors who wish to ensure their deposits are insured by CDIC should first determine whether the institution issuing the investment or deposit certificate is a member of CDIC and if so, should then determine whether the investment or deposit account is eligible for deposit insurance by asking to see the deposit register for the member institution. CDIC insures over $330 billion(Cdn) of deposits at member banks, trust companies and loan companies. To be eligible for insurance, deposits must be in Canadian currency, payable in Canada, and repayable on demand or no later than five years from the date of deposit. Eligible deposits up to $60,000 per depositor at each CDIC member are insured. To find out if a financial institution is a CDIC member, depositors can call CDIC directly at 1-800-461-2342, or check the CDIC Web site at www.cdic.ca. |
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