The Financial and Consumer Affairs Authority (FCAA) is warning people in Saskatchewan about a scam using fake investment ads on social media.
The scams use Premier Scott Moe’s name and image to promote online investment platforms.
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“Premier Scott Moe does not endorse or advertise any investment platforms,” the FCAA said in a news release.
Dean Murrison, executive director of the FCAA’s securities division, said scammers create fake posts that look like real news.
“Do not make investment decisions based on public figure endorsements,” said Murrison. “Scammers can create fraudulent news and social media articles that imitate the real media source. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”
The organization recommends citizens don’t send money to companies that aren’t registered in Saskatchewan as they may not be real businesses.
Anyone who sees a scam like this should call the FCAA’s Securities Division at 306-787-5936.
Anyone selling or trading investments in Saskatchewan must register with the FCAA.
Registration rules are in place to make sure only honest and qualified people sell investments in the province.
The FCAA also shared these safety tips:
- Check if the person or company is registered at aretheyregistered.ca.
- Understand what you are investing in and how it works.
- Ask for a second opinion from a trusted professional.
- Never let unknown people access your computer.
- Never trust an investment just because a well-known person seems to support it.
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