Last week, we issued a temporary order against Genius Funds, alleging that the Cyprus-based company had breached various securities laws.
So let’s start with the name of the fund. I believe it was chosen to convince investors that these funds are special because the word genius means a person or body of work of surpassing excellence. A work of genius, when it truly is genius, will fundamentally alter the expectations of its audience. However, in this case, Genius Funds is offering returns to investors that go beyond surpassing excellence – in my view they are impossible to achieve.
If you can believe it (and I hope you don’t) Genius Funds is offering payments of up to 1.9 percent daily on one fund and up to nine percent weekly on a second fund. Remember the old adage if it is too good to be true…
There are social media websites where people are promoting Genius Funds. Additionally, Genius Funds advertisements appear in online classified ads in different Canadian provinces.
With the temporary order, Genius Funds cannot engage in any investor activities in the province. Nor can it trade in any securities in BC.
So spread the word. Tell your friends. Do not send any money to Genius Funds.
To read previous posts on this and other topics, click on Let’s talk about investing
There is no such thing folks! We at the BCSC get very frustrated when we see so many cases where people fall for this promise. Recently we settled with two individuals who admitted to contravening various securities laws when they solicited funds for a failed investment scheme that raised about $9.6 million from 863 investors. […]
BCSC staff ambassadors tour the province, helping people to protect themselves from fraud and unsuitable investments. Our goal is to enable BC investors to develop critical thinking skills so they can become more informed of steps they should take to protect themselves when investing. Where we are this month SurreyNational Senior’s day October 110:00 am […]