October 29, 2018 Investor warnings - News

Montréal – The Autorité des marchés financiers (the “AMF”) cautions Québec investors about solicitations made by FSM Smart. This unlawful enterprise purports to be a trading platform that offers financial assets such as equities, currencies, derivatives and cryptocurrencies. FSM Smart is not registered with the AMF and is therefore not authorized to act as a securities adviser or dealer in Québec.

FSM Smart employees contact their potential victims by telephone and are insistent. They try to sell them on the opportunity to earn guaranteed extra income using MetaTrader 4, a legal, widely used platform. Also, to bolster their credibility, the employees use the identities of individuals who are actually registered with the AMF.

However, contrary to what they claim, the money invested through FSM Smart is not deposited in the investors’ accounts.

When investors seek to recover their money, FSM Smart’s employees try to buy time and employ tactics to get more money out of them. In particular, they let investors believe that they can take out insurance to cover their losses, but the insurance can only be activated by adding more money to their account. The employees also offer investors the opportunity to enrol in the VIP plan for a certain amount of money and thereby gain access to certain privileges. All such offers are merely ruses to swindle the victims out of their money.

Have you been contacted by FSM Smart?

If you have been contacted by individuals who said they worked for FSM Smart, or if you have invested funds through this firm, please contact our Information Centre. We can answer your questions, and the information you provide could help us better protect consumers.

Offering investments—whether over the Internet, by telephone or in person—is a regulated activity. Any individual or firm 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 that contacted you is on the Register of firms and individuals authorized to practise.

Visit the AMF website to learn about other steps to avoid fraud.

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

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Information:

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
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LinkedIn : Autorité des marchés financiers (Québec)This link will open in a new window