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Investing in Forex - Caution Regarding Offers from Foreign Companies

Monday, October 21, 2013

Montréal – 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.

Québec victims

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 Québec.

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 sector.

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Information :

Media only:
Sylvain Théberge : 514-940-2176

Information Center:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
Twitter: @lautorite

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