AMF cautions public about Milton White Advisors
Investor warnings - News Securities
Montréal – The Autorité des marchés financiers (AMF) is urging investors to be cautious about Milton White Advisors. The firm has been offering securities brokerage services to UK residents. Milton White Advisors is included on a UK warning list of firms not authorized to operate in that country.
At this point, it is not known whether Milton White Advisors has contacted Québec investors. The company's website gives Montréal as its head office location; however, the address is non-existent. Milton White Advisors is not registered with the AMF to carry on business as a securities dealer or adviser and is therefore not authorized to solicit Québec investors.
"Investors should always check with the AMF that the firms and individuals offering investments or brokerage services have the appropriate licences," noted Anne-Marie Poitras, Superintendent, AMF Client Services and Compensation. "Consumers who invest with firms that do not have the required licences often lose their money and their recourses are generally limited," added Ms. Poitras.
The AMF offers investors the following advice:
- contact the AMF Information Centre to determine whether the firm and individuals who have contacted you are licensed to practice in Québec;
- be on your guard when strangers promise investment returns that seem too good to be true without taking the time to explain their recommendations or assist you if you have any difficulty understanding the investments or services proposed.
Consumers can obtain a free copy of a personal anti-fraud guide "Red-Flagging Financial Fraud" by contacting the AMF Information Centre or downloading it from the AMF website, which also features other useful guides:
- Investing? Do your homework first!
- Watch out for securities fraud!
- How to choose a firm and a representative
If you believe you have been the victim of an illegal investment, contact the AMF Information Centre.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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