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The Ontario Securities Commission (OSC) issued a new investor alert this week, concerning a new binary options advertisement scam using Conservative leader candidate and business man Kevin O’Leary.
Several binary options companies have been using O’Leary’s face and acknowledgement in advertisements for their investments and platforms without permission.
The former star of CBC’s Dragon’s Den, O’Leary confirmed to OSC staff that he did not approve the use of his likeness, name or recommendation to any company in the business of binary options. O’Leary’s representatives also stated that he is not associated with any binary options software or platforms form the companies named in the OSC alert. Those companies and their websites include…
The Millionaire(s) Blueprint:
http://www.binaryprofits.co/en/millionairesblueprint/
Play It On Point:
http://www.piop.net/are-binary-options-a-scam/
Eurostreet Money:
http://eurostreet.money/toronto/koopt.php?s=244796293
Boss Capital:
https://www.bosscapital.com/
The solicitation and marketing for investment in binary options has been on the rise across Canada, including Nova Scotia. The Nova Scotia Securities Commission would once again like to remind investors that no binary options trading companies are registered in Canada. Anyone operating these platforms and marketing them to Canadians as an investment opportunity is engaging in illegal activities.
- Investing in binary options is intended for sophisticated investors who have the knowledge, time and resources to track, analyze and assess each individual investment. People thinking about investing in binary options should exercise extreme caution.
- Binary options are like an “all or nothing” wager. You bet that an asset (currency, shares, etc.) will rise or fall in value within a specific amount of time, sometimes as limited as a few minutes. At the expiry of that time, you either profit a pre- determined amount or you lose 100% of your initial investment.
- The market is complex and difficult to predict. Effective market analysis requires experience and education - it is not guesswork.
- Anyone asking for money for investments must be registered with the Nova Scotia Securities Commission and authorized to sell you the investments being offered. The Nova Scotia Securities Commission and other Canadian securities regulators will only register companies and individuals that meet specific qualifications and standards.
- Some offshore companies offering binary options in Canada have said that either their business or the specific sale or transaction is not regulated in Canada. This is not true. Binary options are an investment. The offer and sale of investments to Nova Scotia residents, whether online or in person, is regulated by the Nova Scotia Securities Commission.
- Much of the binary options market operates through Internet-based trading platforms that do not meet current Canadian regulatory requirements, such as being registered to trade investments. At this time, no binary options trading companies are registered in Canada. These platforms may be engaging in illegal activity.
- Advertisements for binary options are appearing more regularly on social media sites. Also, Nova Scotians are being cold-called at home and being asked to provide credit card and personal information in order to open an account. The pitch often involves software that automatically trades for you supposedly resulting in easy profits.
- Investing with offshore companies operating outside of Canada is risky and is a common red flag of investment fraud. Once offshore, it is often impossible for investors to recover their money.
Before you invest:
- Check the registration of any person or company offering investments to Canadians.
- Check the disciplined persons and companies list to see if there have been any enforcement actions taken against the person or company.
- Be cautious of giving out personal information (including credit card information) over the phone or Internet.
- Do not make an investment decision on the spot. Take the time you need to research the opportunity and review it with an independent and registered financial advisor.
- Ask to have written information about the investment sent to you.
For additional information before you invest, check out these Investor Tools.
Contact the Nova Scotia Securities Commission if you have questions, want to make a complaint or to report a scam