BC Securities Commission reminds you can't trade without licence

Be wary of COVID scams

The British Columbia Securities Commission wants the public to be on alert as scammers try to take advantage of the COVID-19 pandemic.

The BCSC is worried, in particular, about potentially fraudulent ads by companies offering opportunities to work from home as securities traders. The ads promise that traders will be able to keep a large percentage of the profits but of course ask for fee payments from the would-be traders.

“In Canada, anyone in the business of trading securities must be registered with the securities regulator in each province or territory where they do business, unless an exemption applies,” the BCSC wrote in a press release. “To become registered, individuals need to meet minimum proficiency standards.”

The commission expects similar scams will proliferate as more Canadians are looking for alternative sources of income due to layoffs or requirements to stay at home.

The BCSC is also warning investors to be wary of companies that claim to have the ability to “prevent, detect or cure” COVID-19.

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