17 July, AtoZForex.com, Lagos – The two independent Canadian financial regulators, OSC and BCSC have released recent reports on unauthorised firms in its jurisdictions. Seemingly, there are number of financial companies that are operating illicitly, targeting unsuspecting clients.
The British Columbia securities commission is an independent provincial government agency reporting to the Legislature through the minister responsible for the administration of the Securities Act. The regulator has uncovered the illicit operations of Bulls and Bears LLC. (BnB), a FX trading platform provider which purports to have an office in British Columbia, while offering investment opportunities with high returns to Canadians in British Columbia.
Hence, the regulator red flags Bulls & Bears Traders LLC publicly, in the warning Bulls and Bears Traders LLC statement of the regulator the following was said: ”We became aware that a British Columbia (BC) resident was able to open an account to invest with BnB. The firms has not filed a prospectus or an exempt distribution report in BC, and is not registered to trade in, or advise on, securities or exchange contracts in BC. We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC, or that are offering unqualified securities in BC.”
OSC red flags Nix Investments
Aside the red flag BbB case of the BCSC, the Ontario securities commission has warned against the operations of Nix Investment. In one of its latest reports, the financial regulator states that: “Nix Investment is not registered in Ontario, Canada to engage in the business of (i) trading in securities or (ii) advising anyone with respect to investing in, buying or selling securities.”
Nix Investment claims to be an investment firm, specialised in investing in financial markets like Stock, Index, Commodities, Bitcoins and Forex. There is nothing wrong with these offerings, but missing out on the proper licenses it's not allowed to promote them in Ontario.
On top of this, questions marks have been placed on Nix Investments' unrealistic promises of high yield return on investment. Considering that the following is claimed at Nix Investment: “We invest in Stock, Index , Commodities, Bitcoins and Forex. We aim for a 10-15% return per month which is 300% per year. So investment of $100 with us for 5 years can yield you more than $20000-25000. Recommend investment ($100-500).”
The operations at Nix Investment cannot be verified by the overseeing regulators, it is therefore unsafe to deal or invest which such firms, as stated by the OSC.