REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan residents about the online entities known as WiseProfitWay, GoStoneMax, Sway Horizon AI and Vault-Bit.
WiseProfitWay, GoStoneMax and Sway Horizon AI all claim to offer Saskatchewan residents investment trading opportunities, including forex. WiseProfitWay claims to offer stocks and cryptocurrencies, while Sway Horizon AI claims to offer currency pairs. Additionally, Vault-Bit claims to offer Saskatchewan residents cryptocurrency wallet and custody services, including buying and exchange services.
WiseProfitWay, GoStoneMax, Sway Horizon AI and Vault-Bit 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.
Anyone who has invested with these entities, or individuals claiming to represent them, should contact the FCAA's Securities Division at 306-787-5645.
"Checking an investment entity's registration status at aretheyregistered.ca should be your first step when considering making an investment," FCAA Securities Division Executive Director Dean Murrison said. "If investors only dealt with registered firms and individuals, significant losses from fraud could be avoided."
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.
This alert applies only to the online entities using the websites:
- "wiseprofitway com"
- "gostonemax com"
- "swayhorizonai com"
- "vault-bit com"
(these URLs have been manually altered so as not to be interactive)
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 or other 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.
- 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".
