A number of online investment entities have the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) waving a red flag.
The FCAA said Breakout FX 9, LCMFX, Lucror Ltd., LQDFX, LQD LLC and a person using the name ‘Rich Hendin’ are not registered to trade or sell securities or derivatives in Saskatchewan.
“Saskatchewan residents must be wary of online entities that profess to sell investment opportunities,” Executive Director of the Securities Division with the FCAA Dean Murrison said.
“Oftentimes, these entities are not registered. At best, unregistered entities have not been vetted by regulators. At worst, they are scams designed to defraud Saskatchewan residents. More and more often in recent times, the latter seems to be the case.”
These groups have been claiming to offer residents opportunities to invest in crypto currency, foreign exchange, contracts for differences, commodities and precious metals online.
The FCAA warns investors to not give these organizations any money, as they may not be legitimate, and says anyone who has already given them money should contact the FCAA’s security division at 306-787-5936.
Residents can check if a company or person is registered to sell securities on the Canadian Securities Administrators’ National Registration Search.
The FCAA said people should also know exactly what they are investing in, and understand how the service works. It added that people should also consider getting a second opinion about investments.
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