TORONTO, Oct. 15, 2012 /CNW/ - The Ontario Securities Commission (OSC) is warning Ontario investors not to invest with China International Capital Group or its representatives.
China International Capital Group claims to be located in Annex Helping District Tianjin, China and appears to be contacting shareholders in York-Rio Resources Ltd. (York-Rio) with an offer to buy their York Rio shares at a substantial premium. Once the investor agrees to sell their shares the representative may ask the investor to first pay a fee for the transaction or to exchange the shares.
China International Capital Group and representatives of China International Capital Group are not registered in Ontario to solicit investments from Ontario residents or to provide advice on investing in, buying or selling securities.
The British Columbia Securities Commission also has issued an investor alert regarding China International Capital Group targeting residents of British Columbia with the same offer.
Similar offers were made to York-Rio shareholders in 2009 and 2010 by entities identifying themselves as Penn Capital Management Ltd., Featherstone and Bellman Equity Exchange Group and Impact Finance.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the OSC's investor materials available at www.osc.gov.on.ca.
If you have been approached to invest by representatives of China International Capital Group, please call the OSC Contact Centre at 1-877-785-1555 for assistance.
SOURCE: Ontario Securities Commission
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