The latest investment scams are using the likeness of government leaders to suggest an endorsement for a product that has not been given any such approval. Prime Minister Mark Carney was the centre of such an attempt. Now, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) alerts investors to a similar impersonation scam involving Premier Scott Moe.
The FCAA warns Saskatchewan investors not to fall for the scam as the premier does not endorse any investment platforms.
“Do not make investment decisions based on public figure endorsements,” FCAA Securities Division Executive Director Dean Murrison said. “Scammers can create fraudulent news and social media articles that imitate the real media source. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”
The FCAA also warns investors not to send money to companies that aren’t registered in Saskatchewan. There’s a chance these enterprises might not be real businesses. In Saskatchewan, investment providers must be registered with the FCAA in compliance with The Securities Act, 1988. The provisions of the act confirm the standing of the business and the honesty and stability of the business.
The FCAA provides the following tips for investor protection:
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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.
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Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
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