CALGARY — The Alberta Securities Commission is warning investors to beware of unregistered companies offering online trading services.
The commission says it has received complaints from people – mainly in the Edmonton area – who have lost a total of more than $400,000.
Mark Dickey says the investments involved are called binary options, where people essentially bet on whether the value of an asset will increase or decrease in a short period of time.
He says the commission has identified seven companies, some of which are phoning would-be investors directly.
The commission says these types of unregistered companies list Canadian contact information, but are based in Ukraine, Cyprus and Belize.
Dickey says it can be nearly impossible for investors to recover their money if they’ve been bilked by offshore companies
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