The Nova Scotia Securities Commission (NSSC) on Wednesday launched a new alert database to help warn investors about possible investment schemes.
The new database lists the companies, individuals, and websites for which the NSSC has issued investor alerts since 2014.
“Issuing investor alerts is a quick and effective way to protect investors by letting Nova Scotians know of schemes targeted at them by fraudsters and scam artists,” says Heidi Schedler, senior enforcement counsel at the NSSC, in a statement.
“This new database adds another tool for investors to use when making informed investment decisions. Taking the time to make informed decisions is key to your investing success,” she adds.
The regulator also highlights recent warnings from the Canadian Securities Administrators (CSA) about the risks posed by phenomena, such as cryptocurrencies, initial coin offerings (ICOs), and investing in the emerging marijuana industry.
“Whenever a new investment gains media exposure you can be sure fraudsters and scam artists are not far behind,” says Schedler. “We have seen this with cryptocurrencies, ICOs, Bitcoin as well as binary options, gold options and forex. Investors should exercise extreme caution with these ‘fad’ type of offers, especially when the parties offering the investments are outside of Canada or are requesting money by wire transfers or by credit cards. Once your funds are transferred, it is near impossible to get your money back.”
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