The Saskatchewan Financial and Consumer Affairs Authority (FCAA) warns investors about EliteFx Trader Inc.
It says the online trading platform, which offers Saskatchewan residents the opportunity to invest and trade securities and derivatives, is not registered in the province.
The authority said in a press release Tuesday that registration is required to sell securities and derivatives in the province.
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EliteFx Trader Inc., reportedly based in Chicago, IL, and has been in contact with Saskatchewan residents.
“FCAA strongly advises investors and consumers not to send money to businesses located outside of Canada that are not registered in Saskatchewan as they may not be legitimate businesses and you may lose your money,” the FCAA warned Tuesday.
“Residents should also be wary of being approached by organizations claiming they could recoup investments sent to unregistered entities, such as EliteFx.”
The Securities Act is intended to ensure that only knowledgeable and honest people are registered to sell securities and that their businesses are financially stable, the FCAA said.
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FCAA has provided some tips to protect residents in the future:
- Always check that the person or company is registered to sell or advise on securities or derivatives. To verify registration, visit the Canadian Securities Administrators National Registration Search.
- Know exactly what you are investing in. Make sure you understand how the investment, product or service works.
- Get a second opinion and seek professional investment advice.
Anyone who has been contacted by EliteFx Trader Inc. is asked to contact the Securities Division of the FCAA at 306-787-5936.
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