Classification: Targeted by impersonation scams — Official Fidelity Australia warning issued
Key Scam Types: Impostor calls, deepfake videos, fake employment offers, rogue financial advisors
Regulatory Status: Fidelity itself is legitimate and regulated; scammers are actively impersonating the brand
Executive Summary
Fidelity Investments is a legitimate, well-established global financial services corporation founded in 1946 . However, its trusted reputation has made it a prime target for criminals who impersonate the company to steal money from unsuspecting victims.
Scammers are using increasingly sophisticated tactics, including AI-generated deepfake videos of real Fidelity employees, impostor phone calls claiming to be from Fidelity’s fraud department, fake employment offers, and in at least one case, a former Fidelity advisor who continued defrauding a client after being fired .
The consequences for victims are devastating. One Massachusetts man lost nearly $100,000 after receiving a call from someone pretending to be from Fidelity . Another victim was coerced into sending more than $2 million over two years by a former Fidelity advisor who fabricated an elaborate scheme involving fake emails, impersonated officials, and false claims of government investigations .
Important Distinction: These are scams targeting Fidelity customers and exploiting the Fidelity name. Fidelity is a legitimate, regulated financial institution. This article documents how criminals are using Fidelity’s trusted reputation to commit fraud.
Verdict at a Glance:
Official Warnings: Fidelity Alerts Public About Scams
Fidelity Australia Deepfake Warning
On October 9, 2025, Fidelity Australia issued an official warning about sophisticated impersonation scams targeting the public .
Key points from the warning:
“We have recently been made aware of an impersonation scam where scammers pretending to be from Fidelity make offers of employment with Fidelity. This is an attempt to lure people into participating in a scam that involves defrauding people and laundering the proceeds of those crimes.”
The warning also confirms that deepfake videos impersonating real Fidelity employees — including Anthony Bolton — are being used to make fraudulent investment recommendations appear legitimate .
Official Fidelity Guidelines to Protect Yourself:
- Fidelity will never cold call you to offer employment you have not applied for
- Fidelity will never direct you to join a WhatsApp or Telegram group
- Always check contact details through official channels — not links in emails or ads
- Avoid urgency — scammers rely on rushed decisions
What Real Victims Are Saying
Victim Story 1: The Impostor Call — $100,000 Stolen, $23,000 Still Missing
Allen Merry, 79, Cambridge, Massachusetts — Nearly $100,000 stolen
Allen Merry thought he was receiving a legitimate call from Fidelity .
“I got a call from Fidelity one morning. They told me that somebody stole $99,500 from me, and they asked me if I did it — if I transferred that money to a bank in Florida. I mean, I don’t go to Florida.”
The caller, posing as Fidelity’s fraud department, instructed Merry to download software and grant remote access to his computer. During the call, he received a text code from Fidelity — which the scammer asked him to read aloud .
After Merry filed a fraud claim, Fidelity recovered more than $70,000. But roughly $23,000 remains missing .
In an email, Fidelity told Merry that because he had granted remote access to his computer and provided a one-time security password to a third party, the loss was not covered under Fidelity’s Customer Protection Guarantee .
“The one-time password — they said they texted it to me. But on that day, the day before, the day after, I got no texts. That’s an advantage of being elderly — you don’t get as many texts.” — Allen Merry, 79
Merry’s wife, Ellen, expressed disbelief:
“I thought it was awful. I couldn’t believe it. You do something like deposit money in a company like Fidelity — you think it’s safe. I was amazed that it was even possible to happen.”
Key Red Flags:
- Unsolicited phone call claiming to be from Fidelity’s “fraud detection department”
- Instruction to download remote access software
- Request for a one-time security code over the phone
Victim Story 2: The Rogue Fidelity Advisor — $2 Million Stolen Through Elaborate Scheme
Maryland-based client — $2,037,103 stolen over two years
Eric James Stone, a former Fidelity Investments advisor based in Jacksonville, was indicted on 15 federal counts — 10 for wire and mail fraud and five for money laundering — after allegedly stealing more than $2 million from a former client .
Stone worked at Fidelity from 2007 until his termination in June 2021. He was initially fired for requesting a $30,000 personal loan from the same client — a clear violation of ethical boundaries .
Key findings from the federal indictment :
- After his termination, Stone continued targeting the client
- He fabricated fake email communications using addresses appearing to come from PayPal employees
- He impersonated a Florida state investigator and fabricated legal correspondence
- He falsely claimed the victim needed to pay mounting fees to recoup the original $30,000
Between July 2022 and September 2024, Stone allegedly coerced the client into sending at least 613 payments totaling $2,037,103 .
Prosecutors allege these funds were diverted for Stone’s personal use, including gambling losses, luxury travel, and repayment of his own debts .
Stone was barred from the brokerage industry by FINRA in 2023 .
Key Red Flags:
- Financial advisor requesting personal loans from clients
- Continued contact after official termination
- Claims of “official investigations” requiring payments
- Escalating demands for fees to release money
Victim Story 3: The “Fidelity Capital Investment Group” — Philippines SEC Issues Warning
Ilagan City, Philippines — Multiple victims lost money
The Securities and Exchange Commission (SEC) in the Philippines issued a cease-and-desist order against Fidelity Capital Investment Group-Yepbit Exchange PT Limited (FCIG-YEPBIT) , a company not authorized to solicit investments .
According to the SEC warning, the company promised high-yield returns for investments of $500 to $3,000 into a trading platform called Yepbit .
The scheme required investors to recruit new investors to withdraw their passive income — a hallmark of pyramid schemes .
Victim reports from Ilagan City :
- Luisa Alluad, a city worker, said she could not recover her second investment
- Others reported losing tens to hundreds of thousands of pesos after initial withdrawals
- Some early investors received payments initially — a classic “bait and trust” tactic
The SEC warned: “Early investors are paid using the funds contributed by recruits instead of profits generated by an actual business… People are enticed to invest with assurances that their money will earn interest… But once the investment is made, the scheme suddenly disappears” .
BBB Complaints: Account Closures, Frozen Funds, Poor Customer Service
The Better Business Bureau (BBB) has documented numerous complaints from Fidelity customers experiencing account closures, frozen funds, and poor customer service .
One customer reported their accounts were closed without notice after they proactively reported a scam attempt:
“Just a few days ago I was receiving commendations and reassurance from Fidelity for being proactive and reporting a scam from a job offer… Now as of today, checking my account and talking to agents, I find that my accounts have been closed without notice.”
Another customer reported a check deposit of $47.35 being held for over three weeks, with conflicting information from multiple representatives about when funds would be released.
Several customers reported rude and condescending treatment from customer service representatives, including one manager who allegedly snapped at a customer and told her she “wouldn’t get to speak to someone else higher” at Fidelity.
Fidelity’s standard response to BBB complaints typically states they have “contacted the client directly” and “consider the matter fully reviewed and resolved” — though some customers have rejected these responses as insufficient .
WalletHub Reviews: Customer Service Complaints
On WalletHub, Fidelity has a 3.4/5 star rating based on 358 reviews . While many customers have positive experiences, numerous complaints focus on poor customer service and account issues:
One reviewer wrote:
“Fidelity brokerage lacks fidelity! Listen up, people. Fidelity is the most ridiculously poor brokerage… The organization’s employees seem not to care about the customer; their only concern appears to be paperwork and getting paid.”
Another customer reported:
“Right after my $17,500.00 was approved and placed into my brokerage and 401(k) accounts, I spoke with a guy on the phone who says, mysteriously, that they can no longer do business with me… The man then tells me he can’t reveal any more information and can’t explain why the account was closed. It’s like they just took the funds.”
How the Impersonation Scam Works: The Classic Pattern
Based on the documented cases, here is how criminals exploit Fidelity’s trusted name to steal money.
Phase 1: The Bait — Unsolicited Contact via Phone or Social Media
Victims receive an unsolicited phone call, email, or social media message from someone claiming to be from Fidelity. In Allen Merry’s case, the caller claimed to be from Fidelity’s fraud detection department .
Phase 2: Creating Urgency and Fear
The scammer creates a sense of urgency. In Merry’s case, they claimed $99,500 had already been stolen from his account, prompting him to act quickly .
Phase 3: The Remote Access Request
The scammer instructs the victim to download remote access software (e.g., AnyDesk, TeamViewer) and grant control of their computer .
Phase 4: The Security Code Trap
During the call, the victim receives a legitimate one-time security code from Fidelity. The scammer asks the victim to read the code aloud. This gives the scammer access to the account .
Phase 5: The Disappearance — Funds Transferred
Once the scammer has access, funds are transferred out of the victim’s account. The victim may not realize what happened until days or weeks later.
Phase 6: The Aftermath — Limited Reimbursement
As Merry discovered, providing a security code to a third party voids Fidelity’s Customer Protection Guarantee — meaning victims may not get all their money back .
Red Flags Summary
Steps to Protect Yourself from Fidelity Impersonation Scams
What Fidelity Will NEVER Do
Fidelity Australia explicitly states :
- Fidelity will never cold call you to offer employment you have not applied for
- Fidelity will never direct you to join a WhatsApp or Telegram group
- Fidelity will never ask for your one-time security code over the phone
What You Should ALWAYS Do
- Hang up and call back using the official Fidelity phone number from their website — not the number provided by the caller.
- Never share security codes — One-time passwords are for your use only. No legitimate Fidelity representative will ask for them.
- Never grant remote access to anyone who calls you unsolicited.
- Verify all investment opportunities through the SEC’s registration database.
- Take your time — Scammers rely on rushed decisions. Fidelity will never pressure you to act immediately.
What to Do If You Have Been Affected
SiiraOasis – Asset Recovery Specialists
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