MONTREAL, Oct. 21, 2013 /CNW Telbec/ - The Autorité des marchés financiers ("AMF") is cautioning Québec investors about offers made by foreign
companies proposing various trading guides to the foreign exchange
market, also called FOREX.
The AMF has learned that Quebeckers are among the victims of a scheme
involving the Australian company Investment Intelligence Corporation
(IIC), its President Senen Pousa and his business partner Joel Friant,
promoter of "ProphetMax Managed FX," an educational product about
currency trading. Québec investors apparently lost just over $100,000.
Investors who bought "ProphetMax Managed FX" could learn how the
currency market works and received an invitation to open a foreign
exchange trading account with IB Capital FX LLC, a New Zealand-based
company. They were then asked to give discretionary trading authority
over their account to IIC. Elevation Group, a Texas-based company, and
its agents, including Mike Dillard, were also said to be involved in
this scheme through the solicitation of consumers on behalf of IIC.
Unfortunately, in May 2012 hundreds of trades made by IIC led to the
loss of over 60% of the value of investors' portfolios. American and
Australian regulatory authorities subsequently intervened before assets
were seized and a receiver was named to protect and eventually
redistribute the assets.
Investors who may have incurred losses in this matter are encouraged to
visit the receiver's website.
Don't become a victim of fraud
Whether on the Internet or in person, offering investments, including in
the foreign exchange market, is a regulated activity. The person or company asking for your money
must be registered with the AMF. None of the companies mentioned above
or their representatives were registered with the AMF to do business in
Don't become a victim of this type of approach—make sure you check
whether the individual or company concerned is entered in the register of firms and individuals authorized to practise.
If you think you have detected a scam or been the target of fraud, do
not hesitate to contact the Information Centre. Your information could help the AMF better protect investors.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial
SOURCE: Autorité des marchés financiers
For further information:
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337