The pitch is seductive. Advertisements, which ran online and on the radio, claim that Americans are now "legally piggybacking [on] Canadian Social Security," exploiting a potential loophole to "begin collecting 'work-free' income checks running from $400 to $4,700 per month."
There's only one problem: that's not the way it works, according to authorities.
The ads promote an investing newsletter published by Agora Financial that claims it can help subscribers mimic the portfolio and returns of the Canada Pension Plan, the country's national retirement plan.
"In order to participate in the Canada Pension Plan, you must have worked and contributed to it in Canada," said Marie-France Faucher, a spokeswoman for Employee and Social Development Canada, the department of the Canadian government that administers the plan.
When CNBC.com showed Faucher the ads, she said, "The department takes every allegation of possible errors, fraud or abuse very seriously, and, as such, we have referred this matter to the appropriate authorities."