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Overseas Companies Attempting To Take Saskatchewan Residents’ Money

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) issued a Temporary Cease Trade Order against a group of overseas companies; United Financial Commodity Group, United FCG, UFCG Limited and UFCG Ltd.  They appear to be trading and advising with respect to securities and derivatives in Saskatchewan.

These companies are not registered in Saskatchewan and should not be trading or giving advice about securities or derivatives.

Representatives of these companies have contacted at least one Saskatchewan resident by telephone, seeking investment funds for the purpose of trading options online.  The companies appear to be operating out of either England or Bulgaria.  The website www.unitedfcg.com appears to be owned by the named companies, and apparently offers users the ability to trade in commodities, currencies and cryptocurrencies through options offered online.

“An investor should always check to see if a company is registered to trade in Saskatchewan, before handing over their money,” FCAA Deputy Director of Enforcement Harvey White said.  “A company’s registration status can be checked by using the Canadian Securities Administrators’ National Registration Search database at www.aretheyregistered.ca.  Just because a company claims to be registered in a foreign country, does not mean they are registered to trade or advise in Saskatchewan.”

Anyone contacted by United Financial Commodity Group, United FCG, UFCG Limited, UFCG Ltd. or any representative of any of the named companies, should contact FCAA’s Securities Division at 306-787-5645.

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