March 30, 2020
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.
Ainsley Cunningham, Manager Education and Communications, MSC | 204.619.1756 | [email protected]