Released on December 2, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entity Cambridge Commodities International and of an individual who uses the name "Richard O'Connor" when holding himself out as a representative of Cambridge Commodities International.
This entity claims to offer Saskatchewan residents an opportunity to invest and trade commodities and contract for differences through the online website: www.cambridgecommoditiesint.com.
"We take this opportunity to remind Saskatchewan residents that the first step when considering an investment opportunity is to check that the seller is registered," Executive Director of the Securities Division with the Financial and Consumer Affairs Authority Dean Murrison said. "Registration helps ensure that you are not dealing with a fraudulent person or entity."
Neither Cambridge Commodities International nor the individual "Richard O'Connor" are registered 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.
If you have invested with Cambridge Commodities International or "Richard O'Connor" or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
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 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:
Financial and Consumer Affairs Authority