MSC warns of unregistered firm UFX.com and Reliantco Investments Limited
The Manitoba Securities Commission (MSC) is cautioning investors about UFX.com, a trading website operated by Reliantco Investments Limited, located in the country of Cypress. Investors should be aware that UFX and Reliantco are not registered to sell securities in Manitoba and that their actions are not in compliance with provincial securities laws.
At least one Manitoba resident has responded to a facebook advertisement, and lost a significant sum of money. In addition, this investor used a credit card to pay for the trades. It is unlikely that this investor will be able to get his money back. In addition, he may be subject to the higher interest rates charged by his credit card company. Using a credit card to pay for an investment may pose additional risks to investors.
The MSC advises all investors to keep the following tips in mind to prevent becoming a victim of investment fraud:
- Never send money to anyone you only know from an unsolicited phone call or email
- Never give out sensitive personal information online or over the phone
- Research an investment before making a commitment
- Make sure the firm and individual you are dealing with are registered in Manitoba by checking their registration status at recognizeinvestmentfraud.com
Investors who believe that they have been approached by an investment fraud are encouraged to call the MSC at 1-855-FRAUD-MB to file a complaint or speak with an investigator.