Montréal - The Autorité des marchés financiers (the AMF) is cautioning investors about solicitations promoting UFX Markets, a foreign currency trading platform operated by Reliantco Investments Limited, a company based in Cyprus that is not authorized to do business in Québec.
According to the information obtained by the AMF, Reliantco Investments Limited allegedly solicited Quebeckers to invest via its UFX Markets platform. Using pseudonyms for target areas (Sabrina Girard in Québec), representatives allegedly based in London, told investors that they could earn profits of as much as 400% and promised them trading training sessions.
After some successful trades, investors received repeated calls from representatives to make further investments, then would lose their entire investments or not be able to recover their funds.
Reliantco Investments Ltd., UFX Markets and its fictitious representative, Sabrina Girard, are not registered with the AMF. Their solicitations of Québec investors could violate the laws administered by the AMF, in particular the Derivatives Act.
In 2012, UFX Markets was the subject of a temporary cease trade order This link will open in a new window in Saskatchewan.
Reminder for investors
The foreign currency market is complex, volatile and risky. It is intended for investors who have the knowledge, time and resources to track it. Investors who do not have the knowledge and time needed to trade in this market could incur significant losses.
The AMF also reminds investors of the importance of being vigilant before investing This link will open in a new window, regardless of the location of the companies or individuals offering the investments. Investors should ensure that the companies and individuals offering to act as intermediaries hold the necessary approvals from the AMF by checking the Register of firms and individuals authorized to practice on the AMF's website or by calling the AMF Information Centre.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
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