A trading website and social media marketing campaign targeting Manitobans has triggered a warning from the Manitoba Securities Commission.
The MSC says investors should be weary of UFX.com, a trading website operated by Reliantco Investments Limited, located in the country of Cyprus.
“Investors should be aware that UFX and Reliantco are not registered to sell securities in Manitoba and that their actions are not in compliance with provincial securities laws,” the MSC says.
At least one Manitoba resident has lost a significant sum of money after responding to a Facebook ad. The investor used a credit card to pay for trades, making it difficult to recoup any funds.
The commission has outlined tips to keep in mind to prevent becoming a victim of investment fraud:
- Never send money to anyone you only know from an unsolicited phone call or email
- Never give out sensitive personal information online or over the phone
- Research an investment before making a commitment
- Make sure the firm and individual you are dealing with are registered in Manitoba by checking their registration status at recognizeinvestmentfraud.com.
Investors who believe that they have been approached by an investment fraud are encouraged to call the MSC at 1-855-FRAUD-MB to file a complaint or speak with an investigator.