Released on November 21, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities FNB Group Ltd, FNB Group Trading and of an individual using the purported name of "Ben Williams" when holding himself out as a representative of FNB Group Trading.
These entities claim to offer Saskatchewan residents an opportunity to invest and trade currency, stocks, and indexes through the online website www.fnb-group.net.
"The unfortunate rise in potentially fraudulent online investment opportunities means Saskatchewan investors have to exercise increased caution," Executive Director of the Securities Division with the FCAA Dean Murrison said. "Always check registration status and pay attention to red flags such as asking for access to your computer, which is a tactic frequently used by fraudsters."
Neither FNB Group Ltd nor FNB Group Trading 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 FNB Group Ltd, FNB Group Trading, "Ben Williams" 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.
- Do not allow unknown or unverified individuals to remotely access your computer.
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