The Financial and Consumer Services Commission (FCNB) is warning New Brunswickers to be aware of investment solicitations by OneTwoTrade.com and EveryOption.com.
“We were recently advised by a resident that they had invested with OneTwoTrade.com and EveryOption.com,”said Jake van der Laan, Director of Enforcement with FCNB. “Unfortunately, by the time the information reached us, the investor had already lost a significant amount of money,” said Jake van der Laan. “Investors need to be aware of the risks associated with dealing with off-shore and non-registered dealers. Once the money is sent outside of Canada it is virtually impossible to recover.”
These companies are not registered to sell or to receive investments from New Brunswickers, appear to be based off-shore, and purportedly use multiple names. The website appears to be inaccurate with respect to the companies’ registered status and the types of returns investors can expect. Warnings have been issued internationally from places such as British Columbia, Ontario, the United Kingdom and Greece.
The companies market themselves as offering binary options. Binary options are similar to bets on whether the value of an asset will increase or decrease in a fixed – and often very short – period of time. Buying them may put any money invested at significant risk.
People can verify online if a company or individual is registered to sell investments in the province.
“New Brunswickers who have been approached by either of these companies or other unregistered companies soliciting investments are encouraged to contact us immediately,” said van der Laan.
Investors are urged to contact FCNB at 1 866 933-2222 (toll-free) or via their website if they have any concerns about the legitimacy of the investment opportunity. The key is for investors to be informed so they can protect their hard earned money by spending smart and spending safe.
October is Investor Education Month and FCNB has free, online resources, programs and tools to help investors be more financially informed and avoid the pitfalls and scams that may threaten their financial success.
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. For access to our online educational tools and resources, please visit www.fcnb.ca