The Manitoba Securities Commission (MSC) is warning ‘Tobans to be wary of a U.S.-based company claiming to be able to convert plastic waste into fuel and is looking for investors in Manitoba.
Aureum Energy, a company operating out of Las Vegas, as well as Manitoba and British Columbia, has been promising a 35 per cent return over 21-months, according to the MSC.
But Aureum isn’t registered to trade securities in Manitoba and have also not filed a prospectus with MSC.
“Aureum has been persistent in seeking investments from Manitobans between $10,000 and $500,000 USD for a so-called ‘Energy Project,’” said Jason Roy, senior investigator with the MSC.
“At a minimum, this is a fairly complex, high-risk investment being offered by a company working outside of compliance with securities law.
“We advise Manitoba investors to be extremely cautious with this type of offering.”
The MSC issued an Investor Alert for Aureum Energy Corporation Tuesday due to non-compliance with registration and disclosure.
Before agreeing to invest, MSC recommends checking the make sure an individual or company is registered in Manitoba at aretheyregistered.ca.
Anyone who thinks they have been targeted by any type of investment fraud attempt can call the MSC’s anti-fraud line at 1-855-FRAUD-MB.