Following reports from disappointed Alberta investors, the regulatory body issues an alert to others who may also be solicited
The Alberta Securities Commission (ASC) has warned investors to “exercise caution” should they receive solicitations from Bristol Financial (Offshore) LLC.
The purported investment firm with offices in New York, NY and Luxembourg, Belgium has allegedly gotten more than $2 million from investors, who have been unable to recoup their money even after repeated requests.
“The public should be aware that Bristol is not registered to sell securities or derivatives in Alberta, is not registered to do business in Alberta, and that its actions are not in compliance with Alberta securities laws,” the statement says.
The release also identifies several warning signs that Bristol’s promotions share with illegal investment schemes. These include lack of registration with the ASC, sending of funds offshore (Bristol reportedly sends funds to accounts in Costa Rica instead of the office in New York it claims to have), and cold-calling with high-pressure sales tactics.
The ASC reminds investors that if they are considering investing through an unregistered company, they must understand whether the company is complying with applicable securities laws. Canadian investors are also encouraged to check the CSA’s National Registration Search database to confirm the registration status of any entity selling investments to them.
“The RCMP has requested the ASC to ask anyone approached by Bristol to contact their local RCMP detachment,” the statement reads.
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