The Alberta Securities Commission (ASC) issued a warning on March 17 about the activities of True North Bit, a company that claims to be offering trading and investment services to Alberta residents through its website https://www.truenorthbit.com.
“True North Bit is not registered to trade in securities or derivatives in Alberta, and its actions are not in compliance with Alberta securities laws,” stated the regulator.
The ASC says it received a complaint from an Alberta resident who indicates he lost more than $200,000 after opening a trading account online with True North Bit. The victim says he received account statements showing large returns but was then unable to withdraw his funds.
The ASC reminds investors to be wary of "guaranteed" high investment returns, skyrocketing account values, solicitations over social media or the internet, entities requesting payment in bitcoin, and firms that are not registered to sell securities (investments).
Investors should also be wary of entities that claim to offer "recovery" services. These entities will require an up-front fee in order to "recover" the lost investment.