The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) advises residents to be wary of a group of foreign companies.
The FCAA has issued a Temporary Cease Trade Order against a group of overseas companies — United Financial Commodity Group, United FCG, UFCG Limited and UFCG Ltd. They appear to be trading and advising with respect to securities and derivatives in Saskatchewan.
Saskatchewan residents should be advised these companies are not registered in the province and should not be trading or giving advice about securities or derivatives.
Representatives of these companies have contacted at least one Saskatchewan resident by telephone, seeking investment funds for the purpose of trading options online.
The FCAA believes these companies are operating out of either England or Bulgaria.
The website www.unitedfcg.com may be owned by the named companies. It supposedly offers users the ability to trade in commodities, currencies, and cryptocurrencies through options offered online.
Investors should protect themselves from fraud.
“An investor should always check to see if a company is registered to trade in Saskatchewan, before handing over their money,” FCAA deputy director of enforcement Harvey White said in a press release.
“A company’s registration status can be checked by using the Canadian Securities Administrators’ National Registration Search database at www.aretheyregistered.ca. Just because a company claims to be registered in a foreign country, does not mean they are registered to trade or advise in Saskatchewan.”
Anyone contacted by United Financial Commodity Group, United FCG, UFCG Limited, UFCG Ltd. or any representative of any of these companies should contact FCAA's Securities Division at 306-787-5645.
