The Nova Scotia Securities Commission (NSSC), one of the thirteen provincial financial regulators in Canada, has added the forex investment firm Kaizen Group International Ltd to its ever-growing Investment Caution List, according to an NSSC statement today.
Kaizen’s products and services are offered on several websites, the main one being www.kaizenglobal.com, which is owned by Kaizen Group International Ltd., a company registered in England. According to the NSSC, the sole shareholder and director of the company, Reza Mokhtarian, lives in Ontario and has been charged under the criminal code with fraud of over $5,000.
Kaizen Group, operating online under the url kaizenglobal.com, offers clients a range of financial services which includes seminars about forex, social trading, as well as unrealistic payouts are associated with its affiliate programs, which compensate clients for attracting new traders.
According to the Nova Scotian watchdog, this firm is not registered to trade in or advise on securities or exchange contracts in the province and is one of many alerts issued by the watchdog which involve unauthorised soliciting or contact with retail investors in Canada by unlicensed brokers.
Why Your Enterprise’s Finances Rely on Employee TrainingGo to article >>
Getting back to the warning, after briefly explaining certain risks related to derivatives products, the provincial authority noted that online advertising services are a dangerous place to shop for investments and recommends exercising extreme caution when dealing with firms that are not registered in Nova Scotia.
The NSSC is the independent provincial government agency responsible for regulating securities trading in Nova Scotia 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.
To fulfil its mandate, NSSC also works in close co-operation with the securities regulatory authorities across Canada through the Canadian Securities Administrators (CSA). The CSA is the umbrella organization for the 13 securities regulators of Canada’s provinces and territories that work together to coordinate and harmonize the regulation of Canada’s capital markets.