REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan residents of an impersonation scam on social media claiming Prime Minister Mark Carney is endorsing the online investment platforms Invictus-FX and Union Trade.
"Do not make investment decisions based on a public figure endorsement," FCAA Securities Division Executive Director Dean Murrison said. "Scammers can create fraudulent news articles that imitate the real media source. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities."
Invictus-FX claims to offer Saskatchewan residents trading opportunities including stocks, cryptocurrencies, forex, commodities, indices and bonds.
Union Trade claims to offer Saskatchewan residents trading opportunities including stocks, cryptocurrencies, forex, commodities, indices and futures.
This alert applies to the online entities using the websites "my Invictus-fx com" and "uniontrade io" (these URLs have been manually altered so as not to be interactive).
Invictus-FX and Union Trade are not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
If you have invested with Invictus-FX, Union Trade, or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.
Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search at aretheyregistered.ca.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your computer.
- Never make an investment decision based on a public figure endorsement. Scammers often create fake news articles to mimic legitimate media.
