The British Columbia Securities Commission is warning the public about Master Benefit Card Canada Ltd. (Master Benefit Card) and its affiliates. Master Benefit Card is also known as “Benefit Club”.
The BCSC has reports that residents of British Columbia have been approached to join Master Benefit Card’s “membership club” and invest in a variety of “Benefit Options” or “Benefit Cards”. Prospective investors are asked to pay $100 to become a member, and then pay an additional amount to gain access to a “Benefit Option”. Investors are instructed to deposit their funds in a U.S. bank account and wait a minimum period of time before they are able to receive their benefits. The “Benefit Options” include:
- the Automotive Benefit, which offers the use of a luxury car each year for five years
- the Home Ownership Benefit, which offers to pay 90% towards a home and free title to the home in five years
- the Mortgage Benefit, which offers to subsidize monthly mortgage payments
- the Savings Benefit, which offers a 3% to 5% monthly return
Master Benefit Card has been soliciting investors by holding information seminars and advertising through a website, www.benefitcards.org. The BCSC also has reports that Master Benefit Card has hired sales agents to sell their “Benefit Cards”. The BCSC is warning the public not to send money to Master Benefit Card.
The BCSC urges investors, agents, or members of the public who have been approached or have information about Master Benefit Card to contact the BCSC inquiries line at 604-899-6854 or 1-800-373-6393. Investors can find information and access resources at the Investor Communications Services Centre.
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 Vancouver InvestRight seminar […]
November 21, 2006 Vancouver – The British Columbia Securities Commission is warning people to be on the lookout for a suspicious investment scheme expanding throughout Greater Vancouver that promises investors extraordinary returns and commissions for bringing in new investors. BCSC staff have received reports that people are being recruited by friends or acquaintances to […]