Feb. 17, 2010
SAINT JOHN (CNB) - Investors are being warned about a purported high yield investment fund website operator, Genius Funds, also known as Genius Investments. The New Brunswick Securities Commission (NBSC) advises that this Cyprus-based company is not registered to sell securities in this province.
There are no known New Brunswick investors, however, if anyone in this province has been contacted they should phone or e-mail the NBSC; 1-866-933-2222 or email@example.com.
This investor alert follows a temporary order issued by the British Columbia Securities Commission (BCSC) on Feb. 12 alleging that the company has breached various securities laws. BCSC alleges that Genius Funds is making misrepresentations to investors because it offers a rate of return that is impossible to earn consistently through legal means.
The British Columbia investigation is on-going but their order temporarily prohibits Genius Funds from trading in any securities or engaging in any investor relations activities in the province. The BCSC news release is available online.
As an independent provincial Crown corporation, the NBSC oversees the capital markets in New Brunswick and regulate those that sell or manage securities. The NBSC is funded by regulatory fees paid by those operating in the investment industry, including public companies, mutual funds and over 7,000 registered individuals and firms.
MEDIA CONTACT: Michelle Robichaud, communications officer, 506-643-7045 or 1-866-933-2222, firstname.lastname@example.org.