The Nova Scotia Securities Commission (NSSC) announced that the company Shtern Group is not registered to sell securities in Nova Scotia.
Shtern Group claims to be an online trading service provider located in Malta. At least one Nova Scotia investor was contacted by Shtern Group representatives by telephone and encouraged to invest in binary options. The investor lost money as a result.
Shtern Group is also the subject of a warnings in Manitoba for similar activities.
Cold-calling is a common practice for fraudsters,” said Stephanie Atkinson, senior enforcement counsel with the Commission. “Don’t fall prey to these high-pressure sales tactics. Hang up the phone and always take time to check registration, Nova Scotians need to be vigilant about protecting their finances.
The Commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia. It is illegal to solicit investments in Nova Scotia without registering with the Commission and complying with Nova Scotia securities laws. To see if a company or person is registered, check the Canadian Securities Administrators‘ National Registration Search at www.aretheyregistered.ca.
If you have been contacted by a representative from Shtern Group please contact the commission. Nova Scotians can always contact the Commission to report any scams, or what they believe to be suspect or suspicious behavior from anyone offering investment opportunities.
The Nova Scotia Securities Commission is the provincial government agency responsible for regulating the investment industry in the province.