Quebec’s regulator, Autorité des marchés financiers (AMF), has become the latest financial supervisory group to issue a warning about forex trading. The AMF’s statement urges Quebec investors to use caution when evaluating forex offerings. The statement comes as the AMF explained that Quebeckers were victims of forex fraud, namely of the Australian Investment Intelligence Corporation (IIC). IIC was also charged last year by the CFTC for soliciting clients for forex managed accounts by using aggressive profit assurances.
As a recognized asset class that touts trillions of dollars of daily volumes, forex trading has been widely used to solicit potential clients towards unregulated managed account funds as well as Ponzi schemes. Marketing of these products typically focuses on the prospects of guaranteed monthly returns and was the subject of a write-up earlier this year on HYIPs. The current warning from the AMF focuses on these schemes as well as informing investors to analyze whether the solicitor is regulated or not. The AMF statement follows similar ones from New Zealand’s FMA and Australia’s ASIC over the last several months.
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