The Nova Scotia Securities Commission is alerting investors that Quantum Code, also known as Quantum Code Software, is not registered to trade securities in Nova Scotia.
Quantum claims to offer a “100 per cent guaranteed way to make profits everyday” using their unique trading platform for binary options. At least one Nova Scotian was lured by a Facebook advertisement to view an online video explaining Quantum’s platform.
Binary options are essentially “bets” on how a particular underlying asset will perform in a limited amount of time. Despite appearing to operate out of Canada or the USA, many binary options trading platforms are based overseas in countries like Cyprus, Belize and the Seychelles, and the companies managing these platforms are often not registered to conduct business in Canada.
“These types of promotional videos prey upon people’s biggest financial dreams, offering ‘free’ software and impossible to refuse guarantees” said Heidi Schedler, senior enforcement counsel with the commission. “But investors are required to provide credit card information when signing up, despite the claims that all services offered are free. These promotions are, quite literally, too good to be true, and Nova Scotians should be very cautious when providing any personal or financial information online.”
The commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia. It is illegal to solicit investments in Nova Scotia without registering with the commission and complying with Nova Scotia securities laws.
To see if a company or person is registered, you can check the Canadian Securities Administrators’ National Registration Search.
http://www.securities-administrators.ca/nrs/nrsearch.aspx?id=850
To report a scam: http://nssc.novascotia.ca/recognize-and-report-scam
The Nova Scotia Securities Commission is the provincial government agency responsible for regulating the investment industry in the province.
Source: Release