The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a Temporary Cease Trade Order against Weber Finance, a non-registered website trading platform based out of London, England.
The order which has been extended to April 25, 2018 may be further extended as necessary.
“Investors should always check to see if a company is registered in Saskatchewan before they hand over their money,“ FCAA Deputy Director of Enforcement, Ed Rodonets said. “Sometimes glossy websites with names similar to registered companies look legitimate, but you should still beware and check their registration.”
Weber Finance purportedly uses a central office in London, England and operates the website www.weberfinance.com. The company holds itself out as a wealth and asset management firm and through the website provides a trading platform to the public which allows for trading of contracts for difference or CFD. A CFD allows a trader to speculate on asset prices moving up or moving down in the market.
Residents of Saskatchewan have been contacted by Weber Finance and asked to open accounts to facilitate trading. These contacts came from email solicitation as well as direct phone calls. As a preventative measure, people should never send money or give their personal information to a person they do not know.
Weber Finance is not registered to trade in securities in Saskatchewan. Persons or companies need to be registered in order to trade or advise in securities or derivatives in Saskatchewan.
Weber Finance is not related to Weber Financial, www.weberfinancial.ca which is a company based in Saskatoon.
Investors can check the registration status of any person or company selling investments by using the Canadian Securities Administrators’ National Registration Search database at www.aretheyregistered.ca.
Anyone contacted by Weber Finance or any of their representatives should contact the FCAA Securities Division at 306-787-5936.