REGINA — Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities Breakout FX 9, LCMFX, Lucror Ltd., LQDFX, LQD LLC and of an individual using the name "Rich Hendin."
"Saskatchewan residents must be wary of online entities that profess to sell investment opportunities," executive director of the Securities Division with the FCAA Dean Murrison said. "Oftentimes, these entities are not registered. At best, unregistered entities have not been vetted by regulators. At worst, they are scams designed to defraud Saskatchewan residents. More and more often in recent times, the latter seems to be the case."
These entities claim to offer Saskatchewan residents an opportunity to invest and trade crypto currencies, foreign exchange, contracts for differences, indices, commodities, and precious metals through the online websites www.breakoutfx9.com, www.lcm-fx.com, www.lqdfx.com, and www.lucrorltd.com.
None of the above-named companies, nor the individual "Rich Hendin," are registered to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
If you have invested with Breakout FX 9, LCMFX, Lucror Ltd., LQDFX, LQD LLC, "Rich Hendin," or anyone claiming to be acting on their behalf, 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 accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and that their businesses are financially stable.
Tips to protect yourself:
- Always verify that the person or company is registered to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search.
- Know exactly what you are investing in. Make sure you 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/investment-fraud
