ASC warns investors about unregistered firm

Investors need to be cautious around investoneforme, a firm not registered to sell securities or derivatives in Alberta, the province’s regulator says.

Investoneforme is “a purported investment firm headquartered in Brazil” whose promotions have “several red flags common to illegal investment schemes,” the Alberta Securities Commission said in a release.

Read: How to help senior clients avoid investment scams

The company lists its headquarters as being in Brazil, but the map on its website shows it being located in Panama, the ASC said. Original photos of the firm’s executive team were copied from another company, but with different names. The photos have since been removed and the names changed.

“If you are considering an investment opportunity through a company that is not registered, be sure to understand whether the company is complying with applicable securities laws,” the release said.

The commission is encouraging investors to use the CSA’s national registration database to check the registration status of any firm or person selling investments.

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Staff

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