Murray Wood: Who's hot... and who's not
Every Friday, Murray Wood takes a look at the week's news and decides who's hot... and who's not. This week's list inclu...
The Financial and Consumer Affairs Authority of Saskatchewan is warning the public about a social media scam claiming Canadian celebrity investor Kevin O’Leary is endorsing an online platform.
According to the FCAA, an impersonation scam is making the rounds on social media, featuring videos claiming that O’Leary – famous for his appearances on ‘Shark Tank’ and similar shows – is endorsing an online investment platform called Enterprise2u. The FCAA said the videos featuring O’Leary are fakes, and warned the public to be cautious.
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“Do not make investment decisions based on a notable figure endorsement,” Dean Murrison, executive director of the FCAA’s securities division, said in a statement.
“Scammers can create fraudulent news articles that imitate real media sources. Before you consider investing with an entity, always check the registration status at aretheyregistered.ca and do not deal with any unregistered entities.”
While Enterprise2u claims to offer trading or investment opportunities, the FCAA noted that it is not registered to trade or sell securities or derivatives in Saskatchewan.
“In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives,” the consumer affairs authority noted.
“The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.”
Anyone who has invested with Enterprise2u was advised to contact the FCAA’s securities division.
To help protect themselves and their money from scams, the FCAA advised investors to ensure that the person or company is registered in Saskatchewan and to get a second opinion and professional advice before making an investment.
“Never make an investment decision based on a notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure,” the FCAA emphasized.
