Investor AlertAMF cautions investors about Heartford Capital Management and non-registered companies

Investor warnings - News Organization Securities

Montréal – The Autorité des marchés financiers (the “AMF”) is warning investors to be cautious about Heartford Capital Management (formerly “Hartford Capital Management”), which operates out of Panama and Costa Rica.

Heartford has solicited residents in several Canadian provinces by phone to propose investment strategies using gold, oil and other commodity options. Heartford purports to be an international wealth management and consulting firm. It also claims to provide superior quality investment products and advice to middle income individuals and high net worth investors around the globe.

Heartford is not registered with the AMF or any other securities regulator in Canada. Therefore, the AMF recommends that investors solicited by this firm be very cautious. Anyone who is contacted by Heartford is urged not to provide personal information and to immediately advise the AMF’s Information Centre at 1-877-525-0337.

Heartford Capital Management is not connected in any way and should not be confused with Hartford Investments Canada Corp., which is registered in good standing in Ontario as an Investment Advisor/Portfolio Manager and is the manager of the Hartford Mutual Funds.

The AMF reminds the public that a firm that offers investment advice or sells or purchases securities on behalf of investors (brokerage) must comply with the Securities Act and be registered with the AMF. Certain firms disregard these obligations and illegally offer advisory and brokerage services to the public.

The AMF would also like to point out that individuals who wish to invest in financial products or investments not authorized for distribution in Québec or who want to do business with an intermediary not registered with the AMF are not protected, and the recourses available to them are complex: “We remind investors that doing business with firms or representatives who are not duly registered with the AMF is very risky,” said Anne-Marie Poitras, Superintendent, AMF Client Services and Compensation. “They could get into financial trouble and considerably limit the recourses available to them,“ she added.

Finally, Ms. Poitras offered the following advice to investors:

  • Make sure that the firms and representatives recommending the investments are licensed to practice in Québec, by contacting the AMF Information Centre;
  • Be wary about financial products or services offered over the phone, on the Internet, in unsolicited e-mails or by mailings sent to your home.
  • Ask yourself why a stranger would be calling you to propose an investment.
  • Ask the caller for his name and telephone number, and if he refuses, hang up.
  • Be suspicious when strangers promise you returns that seem too good to be true.
  • Before opening your wallet, find out all you can about the proposed investment opportunity, no matter who is offering it.

For more information, and to help you understand the various players in the Québec securities industry, read the AMF’s brochure Choosing a securities firm and representative.

Furthermore, to better grasp the complex world of financial products and services, consult the seven other educational brochures on savings and investing. They are available on the AMF website in the section for consumers, or by contacting our Information Centre at 1-877-525-0337.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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Media only:
Frédéric Alberro (514) 940-2176

Information Centre: (877) 525-0337