B.C. Securities Commission warns public about scams related to working from home

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      Swindlers appear to be trying to exploit the COVID-19 pandemic by targeting people in their homes.

      Today, the British Columbia Securities Commission warned that it's coming in the form of companies posting "potentially fraudulent ads".

      These scamsters offer opportunities to work from home as securities traders, suggesting they can keep a huge share of the profits without being licensed.

      In return, these home-based traders are being asked to fork over money to the company.

      "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 stated. "To become registered, individuals need to meet minimum proficiency standards." 

      Anyone with information about these schemes is being asked to call the BCSC Inquiries line at 604-899-6854 or 1-800-373-6393. They can also file complaints online.

      In Canada, the Competition Bureau regulates misleading advertising.

      Under Section 52 of the Competition Act, it's an offence to "knowingly or recklessly making or permitting the making of, a represenation to the public, in any form whatever, that is false or misleading in a material respect".

      A conviction carries a fine of up to $200,000 on a summary conviction and up to one year in jail. Indictable convictions can send the perpetrator to jail for up to 14 years.

       

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