SASKATCHEWAN — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan residents about an impersonation scam using the name T. Rowe Price Group USA, the website audhioy com (this URL has been manually altered so as not to be interactive), and the application T-AlphaX. The scam has been promoted through social media and messaging platforms.
"Do not make investment decisions based on endorsements in online chat groups or social media," FCAA Securities Division Executive Director Dean Murrison said. "It is not unusual for entities to impersonate legitimate investment firms to gain your trust. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities."
T. Rowe Price Group USA, T-AlphaX, and audhioy claim to offer Saskatchewan residents investment trading opportunities including stocks and cryptocurrencies.
T. Rowe Price Group USA, T-AlphaX, and audhioy are not registered with the FCAA to trade in 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 T. Rowe Price Group USA, T-AlphaX, audhioy, or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5645.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade in 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.
T. Rowe Price Group, Inc. is not the subject of this alert. This alert applies only to the online entities using the name "T. Rowe Price Group USA", the application "T-AlphaX", and the website "audhioy com".
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".
