REGINA, Sask. — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan residents about the online entity known as Shoreline Direct ("Shoreline").
Shoreline claims to offer Saskatchewan residents an investment trading platform and investment trading opportunities in forex, indices, commodities and crypto currencies.
Shoreline 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.
Anyone who has invested with Shoreline, or individuals claiming to represent them, should contact the FCAA's Securities Division at 306-787-5645.
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 website "shorelinedirect net"
(this URL has been manually altered so as to not be interactive)
"The FCAA cautions Saskatchewan residents to check the registration status of investment entities at aretheyregistered.ca before investing with anyone," FCAA Securities Division Executive Director Dean Murrison said. "Checking registration is the quickest and easiest way to make sure who you deal with is a legitimate business."
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
