REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan residents about an online impersonation scam falsely claiming Prime Minister Mark Carney endorses an online investment platform called ProCraftScale.
ProCraftScale claims to offer Saskatchewan residents trading opportunities including stocks, cryptocurrencies via leverage options, forex, commodities and indices.
This alert applies to the online entity using the website "procraftscale com" (this URL has been manually altered so as not to be interactive).
ProCraftScale is 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 ProCraftScale, or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
"Always check the registration status of an entity at aretheyregistered.ca before you invest, and do not deal with any unregistered entities," FCAA Securities Division Executive Director Dean Murrison said. "Scammers often create fake news articles to mimic legitimate media, trying to get you to make an investment based on a notable figure endorsement."
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 devices.
- Never make an investment decision based on a notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.
