REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued an investor alert about two online entities — Magnumator 2.0 and Lightning Shared Scooter Co. — that are not registered to trade or sell securities or derivatives in the province.
"Checking the registration status of any investment entities through aretheyregistered.ca is a vital step for Saskatchewan residents looking to invest," FCAA Securities Division Executive Director Dean Murrison said. "By checking the registration status, Saskatchewan investors can make sure that who they work with is a legitimate business."
Magnumator 2.0 claims to provide trading opportunities, including cryptocurrencies and Forex trading, while Lightning Shared Scooter Co. claims to offer investment opportunities in cryptocurrencies and investment contracts. The companies operate using the websites “magnumator com” and “lssc-canada ca” — URLs which have been altered to prevent interaction.
The FCAA says neither entity is authorized to offer these services in Saskatchewan and warned consumers not to send money to companies that are not registered, as they may not be legitimate.
The Securities Act, 1988, requires individuals and companies to register with the FCAA before selling or trading in securities or derivatives. The registration process is designed to ensure registrants are qualified, ethical and financially sound.
The FCAA encourages residents to take protective measures before investing, including:
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Verifying the registration of individuals or companies at aretheyregistered.ca.
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Understanding how a product or service works before committing.
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Seeking a second opinion from a financial professional.
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Refusing remote computer access to unknown individuals.
Anyone who has invested with Magnumator 2.0, Lightning Shared Scooter Co., or individuals claiming to act on their behalf is asked to contact the FCAA Securities Division at 306-787-5936.
