OSC issues investor alert

The Ontario Securities Commission (OSC) is warning Ontario investors not to invest with Felmina Alliance Ltd. (“Felmina”), which purports to be located in Panama City, Panama and to have numerous representatives in Ontario and elsewhere in Canada.

Felmina is offering investors “investment plans”, but Felmina is not registered in Ontario to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities.

Felmina is representing that its “investment plans” earn abnormal returns of 1 per cent – 1.6 per cent per day, which translates into an annual return of over 300 per cent. On January 11, 2013, the OSC issued a warning to investors entitled “Beware: High-yield Investment Programs are Ponzi Schemes” that explains the risks of investing with companies like Felmina. You can find the warning on the “OSC Investor News” section of the OSC’s website at www.osc.gov.on.ca.

Also read:

OSC warns against anchor securities

Listing in Canada? Play by our rules: OSC

OSC jails 2, issues $80 million in penalties in 2012

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.