We issued a temporary order against web-based Genius Funds and the New Brunswick Securities Commission issued an Investment Alert against Genius Funds. Our temporary order alleges that the Cyprus-based company has breached various securities laws.
Genius funds offer whopping returns: 1.9% daily on one fund and up to nine percent weekly on a second fund. In my view, these returns are impossible to achieve.
Some investors have noted that Genius has a “good track record” – and go on to say that “they never failed to pay me.” This is from an investor of five months.
Is that reassuring? Have we already forgotten the lessons learned from Bernie Madoff and Earl Jones – both of whom were in business for a long, long time before their schemes collapsed and investors lost millions?
Much more important are the questions that you need to ask to determine if it is a legitimate investment.
Why not ask your bank manager or someone independent of the deal what he or she thinks about this investment?
Are there any restrictions on reselling or getting your money back? Is Genius registered with any securities commission or any other regulatory body?
It does not take a genius to question why these funds can offer returns that are much higher than any bank or financial institution. It just takes common sense.
With the temporary order, Genius Funds cannot engage in any investor activities in the province of BC. Nor can it trade in securities in BC. Tell your friends. Do not send any money to Genius Funds. Check out our program Protect Your Money – it will help you do your homework.
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