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.
Last month, a tweet stating the US president was hurt in a bomb attack that appeared in the Associated Press Twitter feed caused a dramatic fall in the Dow Jones industrial average. The Dow quickly recovered when news broke that the tweet was false and it was the result of the account being “hacked”, […]
Last night, CBC TV ran a story about the collection rates of financial penalties imposed by Canadian regulators. we explained that our rate of the collection was lower than other Canadian regulators because of four significant fraud cases, one of which was the Manna Trading Corp. case. We went on to feature the Manna Trading […]