Investor warnings - News Securities

Montréal – The Autorité des marchés financiers (AMF) is urging investors to be cautious about JR Hoffman & Associates Inc. (JRH&A). The company, which is on a UK warning list, allegedly solicited UK investors by phone and e-mail, seeking to purchase their shares.

At this point, it is not known whether JRH&A has contacted Québec investors. The company’s website gives Montréal as its head office location; however, the address is non-existent. Moreover, JRH&A 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.

UK investors were allegedly offered premiums of 25% and higher to sell JRH&A their shares of companies listed on the London Stock Exchange. However, JRH&A first requested that investors provide several thousands of dollars of security, to be transferred to a financial institution in Estonia. Based on the documents received by solicited investors, Dane Angeli, David Chen, James Rodney and Theo Murphy may be related to JRH&A. These individuals are not registered with the AMF.

The AMF reminds investors that they should always ensure that the firms and individuals offering to act as intermediaries have the necessary approvals from the AMF. "Investors should be very cautious when promised exceptional returns or premiums in exchange for a deposit," said Anne-Marie Poitras, Superintendent, AMF Client Services and Compensation. "In several similar cases, investors lost their deposits and never received the money they were promised," she added.

Ms. Poitras offers investors the following advice:

  • contact the AMF Information Centre to make sure that the firm and individuals contacting you are licensed to practice in Québec as an adviser or dealer;
  • be on your guard when promised premiums or returns that seem too good to be true, especially if you are asked for a deposit or security.

The guide Red-Flagging Financial Fraud, available on the AMF website, will help you recognize various types of illegal activity. It also contains a handy checklist to help you be on the lookout for con artists.

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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