The Financial and Consumer Affairs Authority of Saskatchewan is warning residents about an online investment entity called Shoreline Direct that is not registered to operate in the province.
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Shoreline Direct claims to offer an investment trading platform with opportunities in forex, indices, commodities and cryptocurrencies, according to an FCAA release issued Sept. 11.
“The FCAA cautions Saskatchewan residents to check the registration status of investment entities at aretheyregistered.ca before investing with anyone,” said Dean Murrison, FCAA Securities Division executive director. “Checking registration is the quickest and easiest way to make sure who you deal with is a legitimate business.”
The entity is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan.
Who to contact
The FCAA cautions investors not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
Anyone who has invested with Shoreline Direct, or individuals claiming to represent the company, should contact the FCAA’s Securities Division at 306-787-5645.
In Saskatchewan, individuals or companies must be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are allowed to sell securities and derivatives and that their businesses are financially stable.
How to protect yourself
The FCAA provided tips for residents to protect themselves from investment scams:
Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives by visiting aretheyregistered.ca.
Know exactly what you are investing in and make sure you understand how the investment, product or service works.
Get a second opinion and seek professional advice about the investment.
Do not allow unknown or unverified individuals to remotely access your computer or other devices.
Never make an investment decision based on a notable figure endorsement — scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.
Do not forward money to anyone who has contacted you with an offer.
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