The Manitoba Securities Commission (MSC) is warning investors about an unregistered offshore firm that is allegedly trying to exploit to the Covid-19 outbreak to illegally attract clients in Canada.

The MSC issued a warning about the firm, IFC Markets and ifcmarkets.com, which is offering trading in foreign exchange and contracts for difference.

“IFC Markets marketing is taking advantage of the Covid-19 crisis in order to attract Canadian investors,” the MSC said, noting that its online classified ads in Canada reference the pandemic.

The regulator said that the company, which claims to be operating in the British Virgin Islands and Malaysia, is not registered in Canada and is in violation of securities law.