The Ontario Securities Commission (OSC) published an investor alert on Monday warning about binary options platforms that are using TV personality and federal Conservative leadership candidate Kevin O’Leary’s image on advertisements to pitch their services.
The OSC confirmed in its alert that O’Leary “has not approved the use of his image in any advertisements or news articles involving binary options, and that he is not promoting or otherwise associated with any binary options trading software or platforms.”
The OSC alert singles out a handful of schemes involving binary options trading software and platforms and notes that the Canadian Securities Administrators (CSA) are concerned about the “growth in the number of websites promoting offshore binary options trading platforms that are targeting Canadians.”
The CSA stresses that there are not any firms authorized to market or sell binary options in Canada.
Photo copyright: karenr/123RF