Released on April 13, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the following online trading platforms:
- Smart Trade Group: this platform claims to offer Saskatchewan residents an opportunity to invest and trade in stocks, forex, energy, and contract for differences through its' online website, www.smart-trade-group.com.
- Regina Forex Limited: this platform claims to offer Saskatchewan residents an opportunity to invest and trade in cryptocurrencies and contract for differences through its' online website, www.reginaforex.com. Regina Forex Limited claims to have a physical office located in Regina, Saskatchewan. It has been confirmed that this office does not exist at the claimed address.
- An entity using the names JM Financial, LegacyFX, and An All New Investments (VA) Ltd (which may also be known as "An All-New Investments (VA) Limited"). These entities claim to offer Saskatchewan residents an opportunity to invest and trade in commodities, forex, equities and contract for differences through their online websites, JMtrade.com and int.legacyfx.com. There may be other business with the same or a similar name to "JM Financial". This alert does not apply to any such businesses. The JM Financial to which this alert applies purportedly has a head office in Kuwait City, Kuwait.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade, sell, or provide advice on securities or derivatives. The entities above are not registered in Saskatchewan.
If you have invested with any of the entities listed above, or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
"Before investing or following investment advice, check to see if the company or individual with whom you are dealing is registered by visiting www.aretheyregistered.ca," FCAA Securities Division Executive Director Dean Murrison said.
The FCAA cautions investors not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
The registration provisions of The Securities Act, 1988 and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and that their businesses are financially stable.
Tips to protect yourself:
- Always verify that the person or company is registered to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search.
- 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.
For more investor protection information visit https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/investors.
For more information, contact:Margherita Vittorelli
Financial and Consumer Affairs Authority