The Manitoba Securities Commission issued a warning to local investors not to do business with Cyprus-based Genius Funds because it may be operating illegally in the province. The Vancouver Sun also referred to Genius Funds in a recent article about investment fraud month. Last week, the BC Securities Commission issued a temporary order against Genius Funds for allegedly breaching various securities laws.
Genius Funds is offering high yield investment funds that supposedly give investors between six and nine percent returns per week. In my opinion, these returns are impossible to achieve without being a Ponzi scheme, where money from later investors is used to pay the promised return to earlier investors.
Genius Funds is offering people commissions to refer others to the fund to make an investment. Genius Funds is being promoted on social media websites and in online classified ads in different Canadian provinces.
Please tell your friends and family not to invest in Genius Funds. If you know anyone who has had dealings with Genius Funds, please file a complaint on our website or contact our inquiry line (1 800 373 6373) toll free across Canada.
To read previous posts on this and other topics, click on Let’s talk about investing.
BCSC Adds Eight New Entities to the Investment Caution List
I have written a great deal about Genius Funds since we issued a Notice of Hearing on February 12, 2010. The hearing took place in Vancouver and the Commission issued permanent orders again Genius Funds. No one representing Genius Funds appeared on its behalf. As I emphasized in my last blog, BCSC did not shut down the website. It […]