The Globe and Mail’s Janet McFarland and the Vancouver Sun’s David Baines both wrote about our recent notices of hearing about responding to investment offers on Craigslist.
In March, we alleged that a BC man and two companies he controls made materially false statements while promoting an investment on Craigslist. Gaia Equity claimed to guarantee BC investors a risk-free monthly rate of return of up to 9.83% through investments in renewable energy projects in developing countries. Samuel Richard Allaby also claimed that these risk-free investments were guaranteed by the World Bank and the International Monetary Fund.
In May, we alleged that Paul Stiles told investors through ads posted on Craigslist that investors could earn returns ranging from 12% annually to 100% within six months by investing in Velocity Entertainment Inc., a private company that he claimed was producing feature films.
Two messages: There is no such thing as a guaranteed return and the returns promised in both of these cases are completely unrealistic; and, don’t respond to any investment offers on Craigslist.
Over the past couple of weeks, we have discussed some things investors should be aware of regarding the changeover to International Financial Reporting Standards (IFRS) in Canada. In our previous two posts (Introduction to IFRS for investors and Changes in financial statement terminology), we said that IFRS would apply to most Canadian public companies for […]
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 March 2 […]