REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan people of an impersonation scam on social media using fake videos claiming that celebrity entrepreneur Kevin O'Leary is endorsing an online investment platform called Enterprise2u.
"Do not make investment decisions based on a notable figure endorsement," FCAA Securities Division Executive Director Dean Murrison said. "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."
Enterprise2u claims to offer Saskatchewan residents trading or investment opportunities, including stock market trading.
Enterprise2u is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. 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.
If you have invested with Enterprise2u, or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.
This alert applies only to the online entity using the website "enterprise2u net" (this URL has been manually altered so as not to be interactive).
Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit the Canadian Securities Administrators' National Registration Search at aretheyregistered.ca.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your devices.
- 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.
