The Financial and Consumer Affairs Authority (FCAA) said a person in Saskatchewan was targeted by fraudsters running a reload scheme.
A reload scheme is when a scammer attempts to take money from a person who holds a security in a failing company. The victim is offered help to recover their losses, but is manipulated into losing more money.
The FCAA said Monday it issued a temporary cease trade order against Global Financial Group NV (Global Financial), David Taylor, Damien Gerhard Phelps, and Nathan Britten.
All are alleged to be running a reload scheme, and are not registered to trade in or advise on securities or derivatives in Saskatchewan.
Global Financial purports to be a company with a registered office in Mississauga, Ont., with other offices in China and the Bahamas. David Taylor and Damien Gerhard Phelps are either officers or employees of Global Financial, and appear to have traded in securities or derivatives with a person in Saskatchewan.
Nathan Britten is alleged to have assisted with the trades and also advised the victim on securities or derivatives. The scammer has masqueraded as an actual employee of Computershare, a U.K.-based company.
Computershare confirmed communications sent to the Saskatchewan victim were not from their employee with the same name.
Anyone contacted by Global Financial, Nathan Britten, David Taylor, or Damien Gerhard Phelps is asked to contact the FCAA’s securities division at 306-787-5936.
People can use the Canadian Securities Administrators’ National Registration Search database online to check if companies are registered.