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Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
April 13, 2023 (Toronto, Ontario) - New Self-Regulatory Organization of Canada (New SRO) is warning Canadian investors not to be fooled by Paytradepro or Storagetemasek.
On their websites, https://www.paytradepro.net/, and https://storagetemasek.com/, the companies falsely claim to be members of the former Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).
Neither Paytradepro nor Storagetemasek are members of New SRO or CIPF and were never registered with IIROC to sell forex or crypto assets, or any other investment products. Paytradepro and Storagetemasek accounts are not protected by CIPF.
All investors must be informed and ask themselves important questions before purchasing higher-risk investment products that do not trade on stock exchanges. Investors should know that unregulated crypto-asset trading platforms are different from regulated marketplaces and may be missing key investor protections.
Registered investment firms are regulated, and individuals must meet our high standards and deal fairly, honestly and in good faith with Canadian investors. We urge Canadian investors to exercise caution when dealing with non-registered firms.
Investors should confirm investment firms are registered with New SRO, formerly IIROC, or with the Canadian Securities Administrators (CSA).
Investors should also check the background, qualifications and any disciplinary history of investment advisors registered with New SRO by checking the free AdvisorReport for investment dealers, or the CSA's National Registration Search for mutual fund dealers. If you believe you have been a victim of this or a similar scam, contact your local police, your provincial securities commission, and the Canadian Anti-Fraud Centre.
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About New SRO
New Self-Regulatory Organization of Canada (New SRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
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