The Financial and Consumer Affairs Authority of Saskatchewan is warning residents about an impersonation scam using the name T. Rowe Price Group USA, a fake website and a mobile application.
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A provincial alert issued on Aug. 4 warns that scammers are promoting the scheme through social media and messaging platforms.
“Do not make investment decisions based on endorsements in online chat groups or social media,” FCAA Securities Division Executive Director Dean Murrison said.
“It is not unusual for entities to impersonate legitimate investment firms to gain your trust. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”
The scam uses ‘T. Rowe Price Group USA,’ the T-AlphaX app, and audhioy.com to target Saskatchewan residents with fake stock and crypto investments.
The FCAA has not registered any of these entities to trade in or sell securities or derivatives in Saskatchewan.
This is the latest in a series of investment scam warnings issued by the province this year.
The FCAA cautions investors against sending money to unregistered companies, which may not be legitimate.
T. Rowe Price Group, Inc., a legitimate global investment management firm, is not the subject of this alert. The warning applies only to the online entities using similar names.
Residents who have invested with T. Rowe Price Group USA, T-AlphaX, audhioy or anyone claiming to act on their behalf should contact the FCAA’s Securities Division at 306-787-5645.
In Saskatchewan, individuals and companies must register with the FCAA to trade or sell securities and derivatives.
Similar impersonation scams have used images of public figures to gain credibility with potential victims.
To protect yourself, always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives by visiting aretheyregistered.ca.
Investors should know exactly what they are investing in and understand how the investment works before committing funds.
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