The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has raised concerns about a number of online investment companies.
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.
Dean Murrison, Executive Director of the Securities Division at the FCAA, advised citizens of Saskatchewan to exercise caution when dealing with online businesses that purport to offer investment possibilities.
“These entities frequently lack registration. Unregistered entities have, at best, not been examined by regulators. They are, at worst, fraud attempts on Saskatchewan citizens. The latter appears to be the case more frequently these days.
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These organisations have been promoting chances for locals to invest in commodities, precious metals, foreign exchange, contracts for differences, and cryptocurrency 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.
On the Canadian Stocks Administrators’ National Registration Search, residents can find out if a business or individual is authorised to offer securities.
The FCAA said that customers should be aware of exactly what they are purchasing and how the service operates. Additionally, it suggested that people think about seeking a second opinion on their investing decisions.
Unregistered investing entities are a concern for Saskatchewan investors.
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