New Brunswickers are advised to be cautious if approached by NRG Binary, a business seeking investments in binary options. Staff of the Financial and Consumer Services Commission (FCNB) have filed a statement of allegations commencing enforcement proceedings against MHGG Tech Solutions Ltd. and NRG Capital Ltd., two companies associated with NRG Binary, alleging violations of the Securities Act.
“One of our staff members was solicited to invest by NRG Binary after providing contact information online as part of a previous investigation,” said Jake van der Laan, Director of the Enforcement division. “Investors should be aware that once you’ve spent money in response to an online or telephone solicitation, it usually ends up outside Canada and is virtually impossible to recover.”
MHGG Tech Solutions Ltd. is based in London, England while NRG Capital (Cyprus) Ltd. is based in Cyprus. These entities are not registered to sell investments in New Brunswick. As well, representatives of MHGG Tech made representations as to the future value of the investments; a breach of the Securities Act.
“If approached by an unknown or unsolicited business to invest your money, you must proceed with caution. Be critical, look for red flags and check registration before making any decisions” said van der Laan. “Scam artists are always looking for an easy way to make money, and with enhanced technology, scams are becoming more sophisticated. Working with an investment adviser you know and trust is important when making investment decisions, as they will work with you to help you achieve your financial goals.”
The key to protecting your family’s financial future is to be informed so you can spend smart and spend safe. FCNB has free, online resources, programs and tools to help you make decisions to get further ahead financially and avoid the pitfalls and scams that may threaten your financial success.
The public may contact the commission at 1 866 933-2222 (toll-free) or via their website www.fcnb.ca to get further information, to make a complaint or to express investment or consumer related concerns.
The Financial and Consumer Services Commission 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 that regulates the following sectors: securities, insurance, pensions, credit unions, caisses populaires, 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.