Investor Alert – Elite Trading International And Its Representative Benjamin Mills Not Registered in Saskatchewan
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is aware that Elite Trading International through its representative, Benjamin Mills, has contacted a resident of Saskatchewan in an attempt to solicit investments. Elite Trading International claims to be based in Singapore and uses the website www.elitetradingint.com to trade in commodities and Foreign Exchange currency (Forex).
Elite Trading International and Benjamin Mills are not registered with the FCAA to trade in, or offer advice on investing, buying, or selling securities or derivatives in Saskatchewan.
"Always exercise caution whenever you receive a cold call from someone looking to offer you an investment opportunity,” FCAA Director of Enforcement Harvey White said. "Dealing with unregistered individuals and companies greatly increases the risk that you may lose all your money.”
Saskatchewan residents should be cautious when buying securities or derivatives or taking investment advice unless the individual or firm is registered with the FCAA. To check registration visit https://www.securities-administrators.ca/nrs/nrsearchprep.aspx.
Here are some red flags that may indicate an investment is fraudulent:
- guarantee of little or no risk, and high investment returns
- companies and dealers are not registered with the FCAA
- high-pressure sales tactics to invest quickly
- secret or “insider” information with limited time offers
- unsolicited telephone calls, mail or unannounced visits
- inconsistent details, avoiding questions and no paper trail
If you have been contacted by Elite Trading International, or anyone who claims to be acting on their behalf, please contact the Securities Division, Enforcement Branch at 306-787-5936.
For more information about investment scams visit https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/investors/investment-fraud.