The Financial and Consumer Services Commission (FCNB) is warning New Brunswickers about solicitation from unregistered firms. FCNB staff are aware of two companies that are targeting individuals in the province to invest specifically in foreign exchange (Blue Sail Trading) or more generally in the derivatives market (HB Global).
Blue Sail Trading claims to be an investment firm that invests client funds in the foreign exchange market and claims to have offices in Costa Rica, Panama, Colombia and Dubai. HB Global claims to be an investment firm that invests client funds in the derivatives market. HB Global also claims to be based in Dublin, Ireland.
These companies are not registered to trade in or advise on securities or derivatives in New Brunswick, and HB Global has had an Investor Alert placed in British Columbia for selling investments without being registered.
Investors are urged not to deal with companies that are acting illegally by soliciting investors in jurisdictions where the firms and individuals are not registered to trade or advise. Checking registration is a simple first step investors can take to protect themselves before sending money for an investment deal. New Brunswickers are encouraged to check registration by visiting: fcnb.ca/spendsmart.
Anyone who has been approached or targeted to invest through either of these companies is asked to contact FCNB toll-free at 1-866-933-2222, or through its website at fcnb.ca/contact.
Being an informed investor is the best way to protect your money. Informed investors understand the risks and costs involved with each of their investments and only commit money if the products are a good fit for them.
Learn more about the red flags of fraud and how and where to report fraud, and sign-up to receive alerts about frauds and scams happening in New Brunswick by visiting: fcnb.ca/fraud-alerts.html
FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.