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.
The Canadian Securities Administrators (CSA) today published final amendments to improve protection of older and vulnerable clients.
Last month, a colleague and I presented the BCSC’s Investright seminar to a group of 50 retired business and professional people in Ladysmith BC. We discussed tips on how people could protect themselves from fraud and how to avoid unsuitable investment products. Investor questions When we participate in events or give seminars, there are always […]