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Saskatchewan residents are being warned about a new investment scam involving a website called audhjoy and an app called T-AlphaX that falsely claim to be affiliated with T. Rowe Price Group.
According to the the Financial and Consumer Affairs Authority of Saskatchewan (FCAA), the scam has been promoted through messaging and social media platforms and claims to offer Saskatchewan residents investment opportunities involving cryptocurrencies and stocks.
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“T. Rowe Price Group USA, T-AlphaX, and audhjoy are not registered with the FCAA to trade in or sell securities or derivatives in Saskatchewan,” the FCAA said in a statement.
The FCAA is urging consumers to avoid investing with companies that are not registered in the province, as they may not be legitimate.
“Do not make investment decisions based on endorsements in online chat groups or social media,” FCAA securities division executive director Dean Murrison said.
“It is not unusual for entities to impersonate legitimate investment firms to gain your trust.”
The FCAA said investors should always verify that an investment firm is registered in Saskatchewan before sending money.
The organization also recommended fully understanding an investment product before investing, seeking professional financial advice and never allowing unverified individuals remote access to a computer.
The regulator also warned consumers never to send money to anyone claiming they can recover funds lost in an investment, which is likely a recovery scam.
