One of the responses I received regarding Cyprus-based Genius Funds really puzzles me. In one of my blogs, I ask “is Genius registered with any securities commission or any other regulatory body?”

The comment back was “YES! If you had done your due diligence you would have been easily able to find out that they are licensed to operate as a Cypriot Investment Services firm since 2007.”

They may be incorporated as a company in Cyprus, but they are not registered with the regulator to trade securities. Check for yourself on the Cyprus Securities and Exchange Commission.

We issued a temporary order against web-based Genius Funds on February 12. Since then other Canadian provinces have also issued warnings to investors not to do business with this Cyprus-based company.

I have been writing about this for a week to question the very high returns Genius is offering to investors and to ask anyone interested in this fund to do their due diligence first before sending any money.

Get a second opinion. Ask your banker or accountant what they think of Genius’ offer of 1.2% daily or 9% weekly returns.

To read previous posts on this and other topics, click on Let’s talk about investing.

Suggested Reading

Tis the season to be wary

Be on the lookout for social media and e-mail scams

BC Securities Enforcement Roundup – November 2013

More Resources

CRM2 Video Series: Know the Value of Your Investments

Our video called Know the Value of Your Investments sets out what information must be included in your account statements. The video shows that monthly or quarterly account statements must set out the cost and market value of each investment, whether the investment is subject to a deferred sales charge, and whether the account is […]

Lessons learned: Allowance charts for kids

A few months ago, I talked about allowance charts for kids. Since this month is financial literacy month, I thought I’d follow-up and share some of the results I’ve seen from our chart system after I read a Globe and Mail article that discussed the best age to teach financial literacy. The experts quoted in […]