The Financial and Consumer Affairs Authority of Saskatchewan is warning investors an individual claiming to act on behalf of an entity named Loyalty Insurance Group is contacting people who may have invested in unregistered binary options companies “Titan Trade”, or “Banc de Binary”.
The company identifying itself as Loyalty Insurance Group may be contacting investors and telling them it specializes in helping people get their money back after being scammed by binary options companies.
This company appears to have contacted at least one resident in Saskatchewan and advised this individual he or she may be entitled to settlement funds in relation to a class action suit conducted in the United States against “Titan Trade” and “Banc de Binary”, and invited the investor to provide information as well as a deposit so that he or she may receive a share of the settlement funds.
Loyalty Insurance Group is not a licensed collection agent in the province of Saskatchewan, nor is it licensed to transact insurance in the province of Saskatchewan.
FCAA strongly cautions investors and consumers to not send money to companies located outside of Canada that are not licensed or registered in Saskatchewan, as they may not be legitimate businesses and you may lose your money.
If you have been contacted by Loyalty Insurance Group or anyone who claims to be acting on their behalf, please contact the Securities Division, Enforcement Branch at 306-787-5936.