THE British Columbia Securities Commission (BCSC) is warning the public about potentially fraudulent ads by companies offering opportunities to work from home as securities traders during the COVID-19 pandemic.
The ads state that traders can keep a large percentage of the profits, and they don’t need experience or a licence; however, the firms demand payment of fees from would-be traders, and the BCSC believes neither the firms nor fees are legitimate.
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, individuals need to meet minimum proficiency standards.
The BCSC expects that 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.
The BCSC is also warning investors 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.
More information about the BCSC’s response to the COVID-19 crisis is available here .