October 24, 2012 Investor warnings - News

Montréal - The Autorité des marchés financiers (the AMF) is warning investors about telephone solicitations conducted recently to encourage Quebeckers to invest in the derivatives market through Wealth Capital Corp., which is not authorized to carry on business in Québec.

Recently, at least one Quebecker received persistent and aggressive telephone calls from a Lucien Castel and another representative of Wealth Capital Corp. These individuals pressured the person to invest in the derivatives market, and more specifically the gold options market, through Wealth Capital Corp., an investment company that seems to be based in Hong Kong. Neither Lucien Castel nor Wealth Capital Corp. is registered with the AMF.

Since they are not registered with the AMF, these solicitations of Québec investors could contravene the laws administered by the AMF, including the Derivatives Act This link will open in a new window.

The Financial and Consumer Affairs Authority recently issued a temporary cease-trade order regarding Wealth Capital Corp This link will open in a new window. as well as Ocean International Ltd. and Manhattan Capital Corp., which seem to be related to Wealth Capital Corp. The Hong Kong Securities and Futures Commission This link will open in a new window also added the names of these three entities to its alert list in September 2012.

Reminder to investors

The telephone solicitation conducted in this matter is a reminder of the importance of using caution when giving out personal information on the Web and in social media.

Also, before entrusting savings to a person who solicits them, the AMF encourages investors to ask themselves 5 good questions to help them avoid financial fraud.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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