CALGARY – January 24, 2019 – The Alberta Securities Commission (ASC) is warning Alberta investors about Global Advocacy Association/Global Advocates, an organization targeting investors in the Walton Group of Companies and others including Canyon Acquisition and CBI Group. Global Advocacy Association/Global Advocates are purportedly working to recover investor losses and they claim to have locations in Sweden and Panama. This appears to be a recovery room scheme.
Recovery room schemes typically involve companies that contact investors who may have lost money in an illiquid or fraudulent investment and offer to recover their funds. Once investors agree to the deal, they are typically asked to pay upfront fees for the service or transaction. In reality, the operators keep the funds, but do not action the service.
There are several “red flags” or risks common to illegal investment schemes present in Global Advocacy Association/Global Advocates’ promotions and sales techniques, including:
- Suspicious contact information. No company by the name “Global Advocacy Association” maintains offices at the addresses provided on its website. Further, a phone number for Sweden is incorrectly listed with the country code missing. The phone number for “The Americas” is listed in Maryland, where the physical address is listed in Panama City.
- Don’t miss this opportunity. Albertans have reported that Global Advocacy Association has extended the deadline to participate. Albertans should be aware that this is a common tactic used in fraudulent investments or recovery room schemes.
- Upfront fees. Care should be taken when advancing funds prior to receiving a service.
- Offshore offices. Sending money offshore compounds the risk. You may not receive the service offered and have no way to recoup those funds.
The ASC urges investors to familiarize themselves with some common red flags of investing and other resources available at its investor focused website, checkfirst.ca.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
- 30 -
For further information please contact: