The Autorité des marchés financiers (AMF) said Monday that its cyber-surveillance has uncovered suspicious online ads from an unregistered firm.
The AMF is warning investors about solicitations made through online ads regarding investment products offered by unregistered firm, Affluential Group Corp.
The Quebec securities regulator says that the ads, which are posted on classified ad websites, target consumers with $20,000 to $25,000 to invest, and promise investment returns of 12% to 25% within six months. The ads were discovered through surveillance conducted by the AMF.
Neither the firm, nor its representatives or directors, Ali Haida Tarafdar and Sean Pugliese, are authorized to solicit investors in Quebec, the AMF says.
As a result, the regulator notes that it is asking the Bureau de décision et de révision for orders to cease the solicitation, remove the ads, and close Affluential Group’s website. It is also seeking to impose administrative penalties on the firm and its officers.
The allegations have not been proven.