REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entity known as CGWise.
CGWise claims to offer Saskatchewan residents trading opportunities including cryptocurrencies, stocks, forex, exchange-traded funds (ETFs), indices and commodities.
This alert applies to the online entity using the websites "CGWise io", "wisecapitalgroup net", and "capitalgroup-wise com" (these URLs have been manually altered so as not to be interactive).
CGWise 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 CGWise 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.
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 .
- 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 computer.
"The FCAA encourages Saskatchewan residents to check the registration status of any potential investment entity to ensure who they work with is reputable," FCAA Securities Division Executive Director Dean Murrison said. "Checking registration status is a quick and easy way for Saskatchewan investors to protect themselves. You should only invest with entities who are registered at ."
