REGINA —The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online trading platform AIG Markets.
This platform claims to offer Saskatchewan residents an opportunity to invest and trade in contract for differences, cryptocurrency, forex, indices and commodities through the website https://aigmarkets.com/.
The FCAA notes that there is a well-known finance and insurance company named "American International Group" or "AIG." This alert does not apply to this company. The AIG Markets to which this alert applies purportedly has a head office in London, U.K.
AIG Markets is not registered to sell or trade securities or derivatives in Saskatchewan. FCAA strongly cautions investors and consumers to not send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses and you may lose your money.
"Investors and consumers should exercise extreme caution when asked to transfer funds to a foreign country," Securities Executive Director Dean Murrison said. "Unregistered companies asking for offshore money transfers are often a scam."
Anyone who has invested with AIG Markets or anyone claiming to be acting on their behalf, is advised to contact the FCAA's Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives.
The registration provisions of The Securities Act, 1988 and the accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and that their businesses are financially stable, according to an FCAA press release.
FCAA offers these tips to protect investments:
Always verify that the person or company is registered to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrations' National Registration Search.
Know exactly what an investment is in. Understand how the investment, product or service works.
Get a second opinion and seek professional advice about the investment.
For more investor protection information, visit https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/investors.