Albertans are being warned about fake advertisements offering opportunities to work from home during the COVID-19 pandemic.
The Alberta Securities Commission (ASC) said some of the advertisements will offer jobs as traders in the financial markets.
They claim they will train you how to trade stocks or foreign exchanges, then keep a large percentage of the profits - and they say you don鈥檛 need any experience or a licence.
However, the firms then demand payment of fees from would-be traders, and the ASC believes neither the firms nor fees are legitimate.
鈥淒ay trading on the stock or foreign exchange markets is inherently high-risk and usually requires professional training and advanced software,鈥� said Susan Soprovich, a senior advisor at the ASC.
鈥淭he extreme volatility of current market conditions compounds the level of difficulty in achieving the high returns the ads claim.鈥�
In Canada, anyone in the business of trading securities must be registered with the securities regulator in each province or territory where they do business, unless an exemption applies.
To become registered, applicants must meet minimum proficiency standards.
Soprovich said the ASC expects similar scams will continue to increase as more Canadians are looking for alternative sources of income due to layoffs or requirements to stay home during the COVID-19 crisis.
Anyone who has information about these schemes is urged to contact the ASC at [email protected] or by calling 403-355-4151 (toll-free 1-877-355-4488).
Fake vaccine warning
The ASC is also warning Albertans about companies claiming to have products or services that will prevent, detect or cure COVID-19.
At this time, there is no vaccine or natural health product that is authorized to treat or protect against COVID-19.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
