FSCO Warns of Insurance Scam

The Financial Services Commission of Ontario (FSCO) has issued a fraud alert about an unlicensed insurance provider selling fake and invalid insurance cards.

Durham Regional Police have laid charges of fraud and forgery in Scarborough, Brampton and Peel Region. They suspect more victims are out there.

Police say Bosko Kostovski, 32, of Toronto, is charged with: Fraud, Forgery, Utter Forged Document, Drawing Document without Authority and Sale of False or Invalid Insurance Card.

In 2006, police busted an auto insurance fraud ring, arresting eight people in the GTA. The suspects had allegedly run ads offering cheap rates and met customers in coffee shops and parking lots.

FSCO notes that people who purchase insurance from agents that are not licensed, they are not protected under the Insurance Act and the regulations that govern Ontario’s licensed insurance companies and agents.The Commission’s website contains a list of all insurance companies and agents licensed to do business in Ontario, and offers tips on avoiding auto insurance scams.

Anyone with any information that might assist investigators is asked to contact Det. Sheri Tate of Central East Criminal Investigations Bureau at 1-888-579-1520 ext. 2717.

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