Canada BCSC Exposes Another ‘Double Your Money’ Scam

Millionaires Blueprint is the latest binary options provider to be flagged by the BCSC for soliciting local customers.

The British Columbia Securities Commission (BCSC), one of the thirteen provincial financial regulators in Canada, has added Millionaires Blueprint, a binary options trading system, to its growing ‘Investment Caution List’, according to a BCSC statement.

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According to the Canadian provincial regulator, Millionaires Blueprint solicited a British Columbia (BC) resident and the company opened a trading account for him, without being authorised to do so. The BCSC has therefore urged investors to use caution when dealing with this brand.

As of the time of publication, the fraudulent entity has taken down all website pages and the link to its website only leads to the member login page. It’s not clear if the site was taken down as a result of the warning or leading up to it. However, limited cached versions of the URL describe the company’s offering which is no more than a get-rich-quick scheme.

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‘Double Your Money’ Scam

According to the website, the Millionaire Blueprint system is supposedly “100% Easy Cash Generating Software” that is worth thousands of dollars. But although the system is offered totally free of charge for potential victims, when you enter your email address you’ll be taken to a page where you’ll be asked to sign up with their recommended broker and make a deposit of at least around $250.

Getting to back to the BCSC warning, after briefly explaining binary options and certain risks and features with these types of products, the BCSC noted that while some binary options are listed on exchanges and traded by registered individuals, these represent only a portion of the market, while a large portion of binary options are illegally traded through unregulated online platforms.

The BCSC is the independent provincial government agency responsible for regulating securities trading in British Columbia through the administration of the Securities Act. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorized activities.

The warning follows a similar case highlighted by the BCSC this month in which two binary options brokers were added to its list of companies not to do business with.

 

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