By Sarah Klein
An unregistered firm soliciting investments from Manitobans has triggered a warning from the Manitoba Securities Commission.
The commission says Camaco International Ltd. is not registered to sell securities in Manitoba and its actions are not in compliance with provincial securities laws.
Camaco recently ran an advertisements on a Winnipeg radio station, with its spokesperson Stuart Price encouraging Manitoba investors to place funds in offshore trading accounts in order to access the foreign exchange market (FOREX) through “contract for difference trading,” which he described as new investment product that uses leveraged funds to increase returns.
The MSC says it noted several red flags with Camaco’s sale approach, such as the promise of high returns with low risk, offshore investments, and claims invested funds are protected from loss.
Manitobans who have had dealings with Camaco are asked to contact the MSC by calling 1-855-FRAUD-MB. For more information on how to check the registration of a person or company offering investment products, visit recognizeinvestmentfraud.com.