Aggregated News From Investment Management Regulators

Warning about work from home scams during COVID-19 crisis

Report/Flag

Please complete the required fields.



March 30, 2020

Investor Alert:

Warning about work from home scams during COVID-19 crisis

Winnipeg– The Manitoba Securities Commission(MSC) is warning the public about potentially fraudulent ads by companies offering opportunities to work from home as securities traders during the COVID-19 pandemic.

The ads state that traders can keep a large percentage of the profits, and they don’t need experience or a licence; however, the firms demand payment of fees from would-be traders, and the MSC believes neither the firms nor fees are legitimate.
In Canada, anyone in the business of trading securities must be registered with the securities regulator in each province or territory where they do business, unless an exemption applies. To become registered, individuals need to meet minimum proficiency standards.

The MSC suspects that similar scams will continue to increase as more Canadians are looking for alternative sources of income due to layoffs or requirements to stay home during the COVID-19 crisis.

Members of the public are advised to contact MSC if they believe they have been targeted by any type of investment fraud attempt. MSC’s anti-fraud line is 1-855-FRAUD-MB.

The MSC is also warning investors about companies claiming to have products or services that will prevent, detect or cure COVID-19. At this time, there is no vaccine or natural health product that is authorized to treat or protect against COVID-19.

Be cautious of any claims that a company has a solution to help stop the pandemic. Reliable information about COVID-19 is available from the World Health Organization and the and the Government of Canada.

More information about the MSC’s response to the COVID-19 crisis is available here.

 The public can also visit recognizeinvestmentfraud.com for more information on common investment frauds and scams.

The Manitoba Securities Commission is a division of the Manitoba Financial Services Agency, a Special Operating Agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province.

                                                                          -30-
Media Inquiries:                             
Ainsley Cunningham, Manager Education and Communications, MSC  |  204.619.1756 |  [email protected]

Source link

Regulator Information

Abbreviation: MSC
Jurisdiction: Canada

Recent Articles

SEC Charges Unlicensed Broker With Defrauding Investors

The Securities and Exchange Commission today charged Joshua L. Rupp of Michigan for engaging in securities fraud and for acting as an unregistered broker-dealer.  The SEC’s complaint, filed in the U.

Questions and Answers on the Prospectus Regulation – 10th version – July 2021

See the Details published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

Warning concerning the website www.lunav-invest.com

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the website www.lunav-invest.com where an entity named “Lunav-Invest” offers investment services, including...

Adjudication Order in respect of Mr. Ranjith Soman and Ms. Veena Ranjith in the matter of M/s. Crown Tours Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

FIN-FSA decides not to extend its recommendation on distribution of credit institutions’ profits beyond 30 September 2021

The Financial Supervisory Authority (FIN-FSA) has decided not to extend its recommendation on the distribution of credit institutions’ profits beyond 30 September 2021. The...

Get the latest from Regulatory.News in your inbox!

×