Update on Genius Funds warning
Last month, our blog posting, Be Wary of Genius Funds’ Promises, warned investors of a company called Genius Funds that was actively promoting unusually high returns on its website, social media sites and online advertising.
We’ve since received many related inquiries from investors and here are some things investors should know:
- The British Columbia Securities Commission (BCSC) has now permanently banned Genius Funds from selling securities and engaging in investor relations activities in their province. (View the BCSC’s decision and previous temporary cease trade order.)
- The Alberta Securities Commission (ASC) has issued a temporary cease trade order that bans all trading of Genius Funds in Alberta, and prohibits Genius Funds from trading in Alberta or relying on Alberta securities laws exemptions.
- This temporary ASC Cease Trade Order does not prohibit the company from conducting the business of distributing promised returns to their investors. Therefore if investors are not getting their returns, they should be looking to other reasons as to why they are not receiving their money.
- Investors who feel they’ve been a victim of fraudulent investment activity are strongly urged to file a complaint with their local state, provincial or territory securities regulators (click here for contact information). You may also wish to contact your local or federal police agency.
If you have seen or heard of Genius Funds engaging in investor activities in Alberta, please call the ASC at (403) 355-4151, toll-free: (877) 355-4488 or email firstname.lastname@example.org. They are not registered to engage in the business of dealing in securities in Alberta.
To read more details about the Genius Fund warning and what to watch for, read last month’s blog, Be Wary of Genius Funds’ Promises.Comment on this blog...
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We’ve created this blog to present you with answers to some of the more popular questions we receive from investors. We'll have different subject matter experts blogging about what they know best and we'll update it as new blogs arise. We hope you'll find it interesting and helpful.
Hello, Don Rodgers here and I am the Public Information Officer for the Alberta Securities Commission (ASC). Before coming to work for the ASC, I was a trader and taught technical analysis. I also wrote for two on-line investment websites. As such, I have a great deal of interest in the securities industry and a desire to help answer questions which you may have.
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