REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan residents about the online entity known as PU Prime.
"Checking the registration status at aretheyregistered.ca should always be the first step for Saskatchewan residents looking to invest," FCAA Securities Division Executive Director Dean Murrison said. "Registration status tells you whether a business is authorized to operate in Saskatchewan. Keep your investments safe and only deal with a registered business."
PU Prime claims to offer Saskatchewan residents trading opportunities including forex, metals, indices, commodities, shares, exchange-traded funds (ETFs) and bonds, primarily through contracts for difference (CFDs).
PU Prime 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.
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 allowed to sell securities and derivatives and that their businesses are financially stable.
If you have invested with PU Prime or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5645.
This alert applies only to the online entity using "puprime com" (this URL has been manually altered so as not to be interactive) and does not apply to any other company or to any other businesses that may have a similar name.
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 notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.
- Do not forward money to anyone who has contacted you with an offer to recover money you lost on an investment. This is likely a "recovery scam".
