Spot the Scam: How Ontario Private Investigators Help Uncover Investment Fraud

Investment scams are surging across Ontario, costing victims millions each year. The recent case involving an Ottawa couple and the Toronto-based company HYWI Capital highlights exactly why Ontario Private Investigators play such a critical role in uncovering fraud, gathering evidence, and protecting the public.

This blog breaks down the case, the red flags, and how Ontario private investigators approach these types of complex financial investigations.

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A Promised “Risk-Free” Investment Turns Into a $300,000 Loss

Adnan Siddiky and his wife were five years away from retirement when they were introduced to what appeared to be a “fantastic investment opportunity.” Trusted family friends connected them with HYWI Capital, a firm they believed offered safe, high-yield investments.

To participate, the couple took out a second mortgage on their Ottawa home, investing $303,623 after being promised:

• 2% monthly returns

• Total repayment within one year

• No risk

• A contract signed by the company’s CEO

Instead, the couple now says they’ve lost hundreds of thousands of dollars in what they believe is an investment fraud scheme.

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The Key Players — And the Red Flags

According to documents and interviews:

1. Mark Cummings

Described as HYWI Capital’s chief operating officer. A former insurance executive, Cummings allegedly told investors there were “no risks.”

• Investors received only two months of payments before everything stopped.

• Cummings later claimed there was a “glitch” affecting transfers.

• He now says he is no longer involved with HYWI Capital and denies all allegations.

2. Eugene Todorov

Introduced as a senior partner.

• Investors say Todorov repeatedly assured them the withdrawals were being processed.

• He is named as a defendant in a civil lawsuit.

• Court filings indicate Todorov was previously charged in 2016 with fraud, unregistered trading, illegal distribution, and breaching an OSC order.

3. Vlad Marchuk

Listed as CEO of HYWI Capital.

• He says he left the company in April 2023.

• Claims his signature on investors’ contracts is a forgery.

• States he has had no involvement with the company since April 2023.

Regulatory Red Flag

The Ontario Securities Commission (OSC) confirmed that neither HYWI Capital nor Mark Cummings is registered to trade securities in Ontario—an immediate sign of potential fraud.

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Private Investigator Insights: “A 24% Return Is a Huge Red Flag”

Jeff Filliter, a senior investigator with Haywood Hunt & Associates, notes that the investment pitch contained several alarming signs:

• 24% annual returns are “outrageously high” and not realistic in legitimate markets.

• The use of friends or associates to recruit new investors suggests a large-scale operation.

• Forged signatures and unregistered securities activity are common indicators in investment fraud investigations.

Private investigators in Ontario often work alongside lawyers, regulators, and victims to build civil or criminal cases in these types of scams. Their roles can include:

• Tracing financial flows

• Identifying shell companies

• Locating suspects

• Extracting digital evidence

• Conducting background checks

• Supporting litigation and asset recovery

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A Growing Case: Over $1.5 Million in Reported Losses

CTV News identified at least five additional victims, with two named in an ongoing civil lawsuit. Combined losses exceed $1.5 million, though several victims believe the total is far greater.

For the Siddikys, the financial and emotional toll has been devastating.

“We were pushed into doing something we were not ready or willing to do by people we completely trusted,” Siddiky said.
“We’ve lost faith in humans, especially those you trust.”

The couple now faces 15 years of mortgage payments just to recover from the loss.

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Why Ontario Private Investigators Are Essential in Fraud Cases

Investment fraud cases are often highly sophisticated and intentionally confusing. Private investigators help victims by:

✔ Conducting full background checks

Revealing past charges, regulatory orders, or fraudulent patterns.

✔ Verifying corporate registrations and licensing

Ensuring individuals are lawfully allowed to sell investments.

✔ Gathering evidence for civil lawsuits

Including surveillance, digital forensics, document analysis, and witness interviews.

✔ Coordinating with regulators and law enforcement

Helping build stronger cases that may lead to charges or asset recovery.

✔ Educating the public on scam prevention

By analyzing emerging fraud trends and warning signs.

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How to Spot an Investment Scam in Ontario

A few common red flags Ontario private investigators see regularly:

• Guaranteed or risk-free returns

• Promised monthly income or unusually high yields

• Pressure to invest quickly

• Unregistered individuals offering investment advice

• Recruitment through friends or community members

• Forged or inconsistent documentation

If something seems “too good to be true,” it usually is.

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Final Thoughts: Trust, but Verify

The HYWI Capital case is a powerful reminder that trust alone is not a safeguard against financial fraud. Before investing, always:

• Verify registrations through the OSC

• Seek independent financial advice

• Hire an Ontario private investigator for background checks on individuals and companies

• Carefully review contracts and signatures

Ontario private investigators remain a critical resource for victims seeking clarity, justice, and recovery after falling victim to investment fraud.

Originally published by CTV news.