Investor Warnings Securities
Montréal, April 21, 2017 – The Autorité des marchés financiers (the “AMF”) cautions Québec investors about solicitations made by Gyula Barta, who is not authorized to act as a securities and/or derivatives adviser or dealer or solicit such business in Québec.
Based on the testimony of investors met by the AMF and the documents obtained, Gyula Barta set up at least two schemes to appropriate funds. He allegedly told various individuals that he was organizing a lottery event on behalf of a friend who wanted to bequeath part of his wealth to the right persons.Lottery participants had to show their interest by purchasing “rights” for amounts of $1,000 to $2,500.The lottery was never held and the funds were lost.
Gyula Barta also allegedly claimed that he was a trader and that he could earn significant returns. In one case, he promised an investor that he would double his investment in three to six months and, in another, that he would generate a ten-fold return on the amount received.
The AMF is publishing this warning because Gyula Barta convinced a number of individuals to place money with him, was never registered with the AMF and has continued to carry out his activities.
Don’t become a victim of fraud
Whether on the Internet or in person, offering investments is a regulated activity. Any individual or business promoting an investment product must be registered with the AMF or be exempt from the registration requirement. To make sure you don’t become a victim, check whether the individual or firm is on the Register of firms and individuals authorized to practise.
If you think you have detected or been the target of a scam, do not hesitate to contact the AMF Information Centre. Your information could help the AMF better protect consumers.
Visit the AMF website to learn about other steps to avoid fraud.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
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