Quebec securities regulators are warning investors about offers from companies pitching foreign exchange trading schemes, after learning that local investors were among the victims of a recent global fraud.

The Autorité des marchés financiers (AMF) said Monday it has learned that investors in Quebec are among the victims of a scheme involving an Australian company, Investment Intelligence Corp. (IIC), which sold an educational product about forex trading, called ‘ProphetMax Managed FX’.

It says that investors that bought the product also received an invitation to open a foreign exchange trading account with a New Zealand-based company; and, that they were then asked to give discretionary trading authority over their account to IIC.

The AMF says that trading by IIC led to the loss of over 60% of the value of investors’ portfolios. “American and Australian regulatory authorities subsequently intervened before assets were seized and a receiver was named to protect and eventually redistribute the assets,” it notes. Victims can the receiver’s website for information on possibly recovering some of their losses.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), noted that they are working with the Australian Securities and Investments Commission (ASIC), the Dutch Public Prosecution Service, and other foreign regulators to find and safeguard funds that can be returned to the victims of the ProphetMax fraud. To date, that effort has found $1.2 million held by the U.S. receiver; approximately $3.4 million either controlled by the Australian liquidator, or frozen by financial institutions in Australia; and, “many millions of euros” frozen by the Dutch authorities in bank accounts both inside and outside the Netherlands.

“Given the global nature of this fraud, the agencies are working closely with foreign authorities to seek prompt return to the receiver of all misappropriated investor-victim funds wherever situated,” the SEC and CFTC said in a court filing.

The AMF reminds investors to check registration to avoid falling victim to these sorts of schemes.