Osgoode Investor Protection Clinic and Living Lab
OUR PURPOSE
Osgoode’s Investor Protection Clinic and Living Lab (“IPC”), the first of its kind in Canada, provides pro bono legal services to people who believe their investments were mishandled and who cannot afford a lawyer.
The IPC has received seed and other funding from the Law Foundation of Ontario, the Ontario Securities Commission (“OSC”), the Canadian Investment Regulatory Organization (“CIRO”, and the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association before it), and cy-près awards from class actions. The IPC also receives support from Osgoode alumni and in-kind contributions from the law school as well as our pro bono partner law firms and experts. The IPC is grateful to these organizations and individuals for their generous support and commitment to access to justice.
The IPC has three primary purposes:
LEGAL SERVICES
Provide legal advice to people
who believe they have suffered an
investment loss because of someone
else’s wrongdoing or negligence.
RESEARCH
Act as a “Living Lab,” collecting
and analyzing research data in an
anonymized way to inform public
policy.
EDUCATION AND ENGAGEMENT
Develop investor education initiatives and educational resources through community outreach.
2025–2026 IPC AT A GLANCE
WHAT WE SAW THIS YEAR
1. Digital fraud is evolving fast
More than half of our intakes involved fraud or scams, many of which had digital elements. Our experience shows that once funds are lost, recovery may be extremely difficult. This makes investor education and early intervention increasingly important.
2. Crypto is a rising vehicle for fraud
Irreversible transactions, anonymous wallets, and the ability to move funds quickly across borders can make crypto particularly attractive to fraudsters.
AI-generated deepfakes promoting fake crypto investments and convincing fake trading platforms are making these schemes increasingly sophisticated.
3. A pump-and-dump pattern emerged
Eight investors approached the Clinic after a wave of coordinated online pump-and-dump schemes, with individual losses ranging from approximately $50,000 to
$340,000. We raised the alarm with regulators and urged action to protect other investors.
4. Binding authority for OBSI remains critical
Lowball settlement offers still leave harmed investors short. In one IPC file, a firm initially offered $26,836 against OBSI’s $57,272 recommendation. Our continued advocacy ultimately secured the full amount. Reform providing OBSI with binding authority will help address lowball offers more systematically.
“Getting hands-on experience with real files is a phenomenal opportunity to have before leaving law school. Learning from professionals working in various aspects of securities law, working on files that have a tangible impact on a client’s life and having to dynamically solve problems were just some of the many traits that truly made the IPC a unique experience. All of that was enhanced by the opportunity to work with an incredible team, including Professor Puri, who provided amazing guidance throughout the process.”
- Arechun Mohan, 2025–2026 Caseworker