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Can you recognize the red flags of investment fraud? Want to know how to better protect yourself against financial scams? March is Fraud Prevention Month and this issue of Investor News provides you with several resources to help you better protect yourself against fraud.
Learn about 7 common investment scams, how you might be approached about a fraud and 4 signs of investment fraud. Additional resources are found below.
Want more? Join us for live discussions on fraud prevention at events listed below in our calendar. For daily tips on protecting your money, follow us at @smarter_money and the hashtag #FPM2017.
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Check Before You Invest The OSC and the Investor Office remind you to always check the registration of any person or business trying to sell you an investment or give you investment advice.
Visit CheckBeforeYouInvest.ca to learn more about checking registration and disciplinary histories, spotting the warning signs of fraud and receiving investor alerts and warnings from the OSC.
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Binary Options
The OSC recently launched a new webpage as part of efforts to make it clear to investors that no business is currently registered or authorized to market or sell binary options in Canada.
The Canadian Securities Administrators, which includes the OSC, also recently launched a new website www.binaryoptionsfraud.ca.
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Binary Options in the News
Globe and Mail - Tragedy, then a crackdown: Regulators fight options scam
Financial Post - Provincial watchdogs join to target ‘get rich quick’ binary options scams
CBC - Binary options - The latest investment scam that's costing victims everything
BNN - CSA launches task force on binary options scams
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Become a Member of the IAP The OSC is inviting applications for membership on its Investor Advisory Panel (IAP), which provides an investor perspective on the policy- and rule-making processes of the OSC. Members are appointed for terms of up to two years and, in recognition of the significant commitment required, are compensated for their time in meeting the IAP’s mandate.
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InvestmentReporting.ca
The Investor Office recently launched a new website to help investors navigate their new annual reports on investment performance and the cost of advice. Investors are beginning to receive this information for the first time; make sure you understand what the reports are telling you about your account.
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Online Investment Advisors
Online investment advisors, often referred to as “robo-advisors", have received a lot of attention lately. These firms offer professional money management services to investors by using an interactive website, instead of through the more traditional model of face-to-face interaction.
Explore our guide to online investment advisors to learn about how the online advice model works and how it compares to traditional advisor services.
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OSC Hackathon
The Ontario Securities Commission (OSC) recently published a white paper and video to highlight key insights gained from RegHackTO, the first hackathon by a securities regulator in Canada.
Held in November 2016, RegHackTO brought together more than 120 members of the Canadian fintech community who competed to find solutions to regulatory problems in four areas. For more information, visit www.OSCLaunchPad.ca.
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Canadian Securities Regulators Seek Input on Potential Impacts of Discontinuing Embedded Commissions
Comments due: June 9, 2017
The Canadian Securities Administrators – the umbrella organization of Canada’s provincial and territorial securities regulators that includes the Ontario Securities Commission – are seeking input on the option of discontinuing embedded commissions and the potential impacts of such a change on Canadian investors and market participants. Learn more
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Scion Forex Account Management
The OSC added Scion Forex Account Management operating as Scion Forex and doing business as www.scionforex[DOT]com, to its Investor Warning List on March 3, 2017. Investors are warned that Scion Forex Account Management is not registered in Ontario to trade securities or to advise anyone regarding investing in, buying or selling securities. Learn more
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AD Partners Solutions Ltd.
The OSC added AD Partners Solutions Ltd. doing business as www.optionarally[DOT]com, to its Investor Warning List on February 24, 2017. Investors are warned that AD Partners Solutions Ltd. is not registered in Ontario to trade securities or to advise anyone regarding investing in, buying or selling securities. Learn more |
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TCM Investments Ltd.
The OSC added TCM Investments Ltd. operating as OptionRally or Option Rally and doing business as www.optionrally[DOT]com, to its Investor Warning List on February 24, 2017. Investors are warned that TCM Investments Ltd. is not registered in Ontario to trade securities or to advise anyone regarding investing in, buying or selling securities. Learn more
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Kevin O’Leary falsely linked to binary options trading platforms and software
The OSC is warning investors about advertisements using the image or likeness of Kevin O’Leary to promote “get rich” schemes using certain binary options trading software and platforms.
OSC staff have communicated with representatives of Kevin O'Leary and confirmed that he has not approved the use of his image in any advertisements or news articles involving binary options, and that he is not promoting or otherwise associated with any binary options trading software or platforms, including The Millionaire(s) Blueprint, Play It On Point, Eurostreet Money or Boss Capital.
We also want to make it clear that no business is currently registered or authorized to sell binary options in Canada. Learn more
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Investor Office Teletownhall
March 30, 2017
Teletownhalls are a way for the Investor Office to connect with thousands of Ontarians at a time. Teletownhalls work much like a call-in radio show where OSC staff provide information, answer questions and conduct live polls over the course of one hour.
Our upcoming teletownhall in March is being held as part of Fraud Prevention Month and will focus on recognizing and preventing different types of investment fraud. Join us to learn more about spotting some common scams and ask OSC experts your fraud-related questions.
Register Now
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OSC in the Community: Protect Your Money
- Brampton - March 15, 2017
- Etobicoke - March 18, 2017
- Toronto - March 25, 2017
- Alliston - March 27, 2017
- Whitby - March 30, 2017
OSC staff are taking the Commission's regulatory mandate from Bay Street to Main Street with seminars on preventing fraud and making informed investment decisions. Learn more
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Twitter #FraudChat
March 16 and 23, 2017
The Investor Office will be participating in #Fraudchat on Twitter on March 16 and 23. Those interested are encouraged to follow the hashtag #FraudChat on Twitter. Investors are also encouraged to follow the hashtag #FPM2017 and tweets from @smarter_money throughout the month for additional helpful tips and information.
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OSC Seeks Applications for Investor Advisory Panel
Application Deadline: April 28, 2017
The OSC is inviting applications for membership on its Investor Advisory Panel (IAP), which provides an investor perspective on the policy- and rule-making processes of the OSC. Members are appointed for terms of up to two years and, in recognition of the significant commitment required, are compensated for their time in meeting the IAP’s mandate. Learn more
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