Investor Warning - AMF cautions Quebeckers against solicitations by BlackFox Capital and Daniel Wuthrich

Investor warnings - News Securities

Montréal - The Autorité des marchés financiers (the AMF) is cautioning investors gainst solicitations carried out by BlackFox Capital and its representative, Daniel Wuthrich.

Daniel Wuthrich and BlackFox Capital are not registered with the AMF as derivatives dealers or in any other capacity. Such solicitations and the nature of the products being proposed by them may be violations under laws administered by the AMF.

Daniel Wuthrich of BlackFox Capital, a company based in New York, first contacted at least one Québec investor by telephone in recent weeks and spoke to him in French. Daniel Wuthrich apparently proposed investments on the currency market and offered a return of 12% per month for an investment of $50,000.

Daniel Wuthrich then apparently sent an e-mail to the investor informing him of various investment opportunities on the currency and precious metals markets that could be part of an overall investment strategy in his portfolio. Mr. Wuthrich also suggested that the investor become familiar with the currency market through a website that provides daily newsletters.

Advice for investors

In these times of market turbulence, the AMF reminds investors of the importance of being vigilant as wrongdoers prey on investor fear and nervousness to tout the merits of dubious investments. They approach investors with promises of high returns on investments so they can sidestep market downturns. Whether the markets are up or down, the AMF offers the following tips:

  • Remain calm; panic can lead to poor decisions. Even if an investment is legal, it may not be right for you.
  • Don't be pressured into buying, especially if you're offered products like foreign currencies or investments in tax havens.
  • Be wary if you're promised high returns without any risk. In general, the higher the return, the greater the risk involved. If it seems too good to be true, it probably is.
  • Be sure to obtain a prospectus for detailed information about the investment and the risks it entails. If the person cannot provide a prospectus or delays in doing so, don't invest.

The AMF also reminds consumers about the importance of investigating before investing. Investors should ensure that the companies and individuals that offer 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 industry.

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