REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of an impersonation scam falsely claiming that former Prime Minister Justin Trudeau is endorsing an online investment platform called Eightcap, also known as Eightcap Invest.
"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 real media sources to try to get you to make an investment based on a notable figure endorsement."
Eightcap claims to offer Saskatchewan residents trading opportunities including stocks, cryptocurrencies, commodities, forex, and indices all through contracts for difference (CFDs).
Eightcap, also known as Eightcap Invest 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 Eightcap, also known as Eightcap Invest or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
This alert applies only to the online entity using the websites "eightcap com" and "area.eight-cap net" (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.
- 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.
