The Financial and Consumer Affairs Authority (FCAA) is warning people in Saskatchewan about two unregistered companies that are reportedly soliciting investors.
According to the regulator, iMetals Group, which is purportedly based in Spain, and ucMetals Ltd., which claims to be based in the United Kingdom, are asking investors to open commodities trading accounts.
Any companies and their representatives who trade or advise in securities or derivatives in the province need to be registered with the FCAA.
Neither iMetals Group or ucMetals Ltd., are registered with the FCAA, the provincial regulator says.
FCAA says you should always check the registration of the person or company selling or advising about securities or derivatives. To check registration, visit The Canadian Securities Administrations’ National Registration Search at https://www.securities-administrators.ca/nrs/nrsearchprep.aspx.
The regulator also says you should know what you’re investing in and get independent advice.
FCAA says anyone who has invested with either of iMetals Group or ucMetals Ltd. or who believes they may have been the victim of investment fraud can contact the regulator at 306-787-5936.