Scammers are at it again when it comes to using likenesses of political figures to endorse product investments that are unregistered. This time, the scam involves Prime Minister Mark Carney and Alberta Premier Danielle Smith.
The service in question is an online investment platform called AllRealGroup, which also goes by the name of AllReal Investments Pty Ltd, according to the Financial and Consumer Affairs Authority of Saskatchewan (FCAA).
"Always check the registration status of an entity at aretheyregistered.ca before you invest, and do not deal with any unregistered entities," FCAA Securities Division Executive Director Dean Murrison said. "Scammers often create fake news articles to mimic legitimate media and try to get you to make an investment based on a notable figure endorsement."
The company claims to offer a foreign exchange trading platform.
A release from the provincial government cautions investors that AllRealGroup is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. Unregistered companies may not, in fact, be real businesses.
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 derivatives and that their businesses are financially stable.
The FCAA provides the following advice for investors:
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Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search at aretheyregistered.ca.
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Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
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Get a second opinion and seek professional advice about the investment.
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Do not allow unknown or unverified individuals to remotely access your devices.
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Never make an investment decision based on a notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.