Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

Red flags and what to do

  • Red flags and what to do

    Scam artists are cunning and use many tactics to take people’s hard-earned money. Don’t be fooled by promises of great returns and limited or no risk.

     

     

    Red flags:

    • If it sounds too good to be true, it probably is.
    • High returns on a low-risk investment.
    • One-time offers.
    • Investments that must be made urgently.
    • Being asked to send money out of province or overseas.
    • Unsolicited telephone calls or mail and unannounced visits.
    • Free gifts and favours, such as a dinner or a trip.
    • The claim that "tomorrow will be too late".
    • The "newest invention" sales pitch.
    • "I got in on the ground floor ahead of everyone," claim.
    • "You do not need it in writing” statements.

     

    What you can do:

    1. Check the registration of the person or company selling or advising about securities. The CSA National Registration Search is a simple and free tool for investors to use to check registrations.
    2. Check the disciplinary history for the person or company, to find out if they have broken regulatory rules in the past. It is easy to do, using the Canadian Securities Administrators Cease Trade Orders database and the list of disciplined people and companies.
    3. Know exactly what you are investing in.
    4. Never give out your personal information to strangers.
    5. Ignore spam emails.
    6. Never accept a verbal agreement, get it in writing.
    7. Get a second opinion.
    8. Read the company’s prospectus.

     

    Call the securities division

    If you have questions or concerns about investments, you can contact FCAA at 306-787-5645.

     

    Securities Division

    Suite 601, 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Tel: (306)787-5645

    Fax: (306)787-5899

    Email: securities@gov.sk.ca

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