Daily Herald Staff
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is has put out a public investor alert warning Saskatchewan residents of impersonation scams on social media claiming that Premier Scott Moe is endorsing online investment platforms.
“Do not make investment decisions based on public figure endorsements,” FCAA Securities Division Executive Director Dean Murrison said in press release. “Scammers can create fraudulent news and social media articles that imitate the real media source. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”
The FCAA informs Saskatchewan investors that Premier Scott Moe does not endorse or advertise any investment platforms.
The agency went further to give tips on how Saskatchewan residents should protect themselves from scammers to include: always verifying that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives, checking registration, visiting The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
“Know exactly what you are investing in,” reads the press release. “Make sure you understand how the investment, product, or service works, get a second opinion and seek professional advice about the investment, do not allow unknown or unverified individuals to remotely access your computer.”
The investors and the general public were also advised not to ever make an investment decision based on a notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.
The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
If anyone has experienced entities claiming public figure endorsements for their investment platforms or anyone claiming to be acting on their behalf, such persons should contact the FCAA’s Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.
