The Nova Scotia Securities Commission (NSSC) has just warned investors that 1st Trade Options/First Trade Options is not registered to sell securities in Nova Scotia.
1st Trade Options claims to be a full service options trading company located in Panama City, Panama. 1st Trade Options and its representatives solicited at least one Nova Scotia resident by telephone to invest. The investor lost money as a result. It also advertises on its website: https://www.1sttradeoptions.com/.
Cold-calling is 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. You are your first line of defence to protect against financial fraud.
The Commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in the province. 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, you can check the Canadian Securities Administrators’ National Registration Search.
If you have been contacted by a representative from 1st Trade Options, contact the Commission. Nova Scotians can always contact the Commission to report any scams or what is believed to be 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.