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.
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With the Registered Retirement Savings Plan (RRSP) deadline approaching, it is a good idea to familiarize yourself with the Canadian Securities Administrators’ (CSA) Fund Facts Interactive Tool. This tool allows you to better understand the mutual funds that you are considering purchasing as an RRSP contribution. The CSA has published a sample Fund Facts document […]