Submitted by nsscadmin on
Part of the Nova Scotia Securities Commission mandate is to protect Nova Scotia investors. One of the ways we do that is by issuing investor alerts and cautions. You can find all the alerts we’ve issued for the last seven years on our Investor Alert Database.
To try and spread further awareness about the companies and people we have issued alerts and caution about, our Before you Invest Blog does regular reviews of alerts through the year. We also do a full year review each year, which is what this post will provide. The review will look back at all the alerts and cautions we issued in 2022.
Investor Alerts from the NSSC and CSA
Investor Alert for BitflyEX and bitflexc.com
BitflyEX (bitflexc.com) claims to be the world's largest encrypted blockchain asset trading platform. It claims to be a digital currency exchange provider focused on provision of a platform for digital asset derivatives transactions. It claims to be tied to several entities based out of Bahamas, Barbuda, Antigua, United Arab Emirates, Australia, Singapore, the Seychelles, Colorado, and British Columbia
CoinRise claimed to be Canada’s fastest growing crypto trading platform. It also claimed to offer wealth management and investment banking services, and to be located in Halifax, Nova Scotia.
Nova Scotia Securities Commission Announces Top Investor Threats for 2022
The Nova Scotia Securities Commission released an annual list of top investor threats and urged caution before purchasing popular and volatile unregulated investments – especially those involving cryptocurrency and digital assets. The Commission also announced guidance for investors, including steps to take to protect from fraud in the new year.
The Canadian Securities Administrators warned the public about investment schemes involving fraudulent websites that solicit investments in foreign exchange (often referred to as “forex”), binary options and/or crypto assets.
Investor Alert for GoldBachInvest
GoldBachInvest claimed to be the world’s most popular trading platform providing investors with access to stocks, indices, crypto, foreign exchange, commodities, and other financial instruments. It also claims to be an award-winning broker registered and located in the Marshall Islands. At least one Nova Scotia resident lost money after investing with GoldBachInvest. Requests for withdrawals and return of funds were ignored. After the investor ceased contact with GoldBachInvest, GoldBachInvest still managed to obtain more money from the investor’s bank account.
The Canadian Securities Administrators warned the public about fraudsters using social media, messaging apps and online dating sites to lure Canadians into relationships that lead to investment scams.
For Fraud Prevention Month this March, the Canadian Securities Administrators (CSA) is reminding Canadians to do their own research and ask questions before investing in crypto assets. Increased knowledge can help investors make informed decisions, reduce the risk of losses and avoid crypto investment scams.
Canadian securities regulators issue warning about suspicious e-mails
The Canadian Securities Administrators (CSA) monitored its systems for unusual activities after several market participants received e-mails that purport to come from CSA members’ staff.
Canadian securities regulators remind investors about risks of trading crypto assets
The Canadian Securities Administrators (CSA) is warning investors that trading in crypto assets comes with elevated levels of risk that may not be suitable for many investors, in particular retail investors. Generally speaking, the value and liquidity of crypto assets are highly volatile.
2022 Investor Cautions issued by NSSC
Investor Cautions are warnings to potential investors that the individuals or entities named do not appear to be registered to engage in the business of offering securities or derivatives in Nova Scotia or that the investment products do not appear to be offered in a manner permitted by Nova Scotia securities laws. Visit our Investor Cautions List for more information on the entities listed below.
- ETradeMarkets.net
- Cryptoportfolio/Crytoportfolio.pro/Cryptoportfolio.live
- Lencher Expro LLC
- Smart Trade Group/Smart Trade
- Trade Vision Group
- Jet Capitals/JetCapitals/Jets Capital
- Maxi Capital Ltd.