Investor Alert: ASC warns public about high yield investment scheme offered by Loyal Financial Group
CALGARY, Dec. 13, 2012 /CNW/ - The Alberta Securities Commission (ASC) is warning investors about a "high yield investment" scheme offered through a promotional website for Loyal Financial Group. A "high yield investment" scheme involves an investment that promises unrealistically high returns while disclosing few details on how such returns are generated.
The ASC is issuing the investor alert after it received reports that Loyal Financial Group has solicited investors using internet advertising or news releases on public news wires promoting investments with monthly returns of two per cent to 13.5 per cent. Loyal Financial Group directs investors to send their applications and money to an address in Alberta. Albertans should be aware that Loyal Financial Group and its agents are not registered to sell securities in Alberta. The company and its principals are located in the U.S. state of Illinois.
The ASC is working with the Illinois Securities Department in respect of Loyal Financial Group's solicitations to Alberta and North American residents. If you have been contacted by someone claiming to represent Loyal Financial Group, please refer to the Illinois Securities Department's website at www.cyberdriveillinois.com for more information. In the meantime, the ASC urges the public to be wary of Loyal Financial Group and other "high yield investment" schemes. Loyal Financial Group is not associated with Canada Loyal Financial Ltd., which is headquartered in Oakville, Ontario.
The Alberta Securities Commission (ASC) is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.
SOURCE: Alberta Securities CommissionFor further information:
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