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. Investors were told that their funds would be used to buy and sell distressed merchandise, and that they could expect between 100 per cent (their initial investment) and 300 per cent return within 90 days.
That is a huge red flag. 100 per cent return – not possible in a legitimate investment. How do we get the message through to people that these types of promises could lead to losing all of their investment?
With all of the media attention of the Madoff scam (promised up to 46% annually) in the US, surely people will become more cautious, checking to see if their advisor is registered and getting a second opinion of promised returns that are suspiciously high.
Report a Concern to the BC Securities Commission
Be wary of so-called “safe” investments with high returns. If you come across an investment that seems too good to be true, report it to the BCSC. We welcome questions, comments, and tips from investors.
If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymous using BCSC’s online complaint form.
Investor Alert: BCSC issues warning about G.W. Trust and Transfer and possible “Recovery Room” scheme directed at Morgan Dragon Development Corp. investors
The British Columbia Securities Commission is warning investors about what appears to be a “recovery room” scheme targeting investors who had purchased securities from Morgan Dragon Development Corp. Morgan Dragon is currently subject to an Ontario Securities Commission order that prohibits the company from trading in or acquiring securities, using exemptions, and acting as a […]
The Saanich Police Department issued the news release below this afternoon. It is related to the arrest of three men: Ralph Kelly, 46, a Colwood resident; Garrett Campbell, 30, a Colwood resident; Frank Joseph Pecorelli, 33, a Saanich resident. Campbell and Pecorelli have been granted bail, and at this time, Kelly remains in custody. The BCSC Criminal Investigation […]