QuilCapital Fraud Alert: Fake PM Endorsement Targets Saskatchewan Investors

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is alerting residents about a social media impersonation scam. Fraudsters are using images of Prime Minister Mark Carney and fabricated posts to claim he endorses an online trading platform called QuilCapital.

Scam Overview

Scammers have created fake social media accounts and doctored posts to make QuilCapital appear credible. They promise Saskatchewan residents trading opportunities in stocks, cryptocurrencies, forex, indices, and commodities. By suggesting a high-profile endorsement, these fraudsters aim to lure unsuspecting investors into sending money to an unregistered entity.

About QuilCapital

QuilCapital presents itself as a legitimate trading platform but is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan.This alert applies specifically to the online entity using the website “quilcapital com” (URL manually altered).Any company not registered with the FCAA should be treated with extreme caution, as it may not be a legitimate business.

What to Do if You’ve Invested

If you have sent money to QuilCapital or anyone claiming to act on its behalf, contact the FCAA’s Securities Division immediately at 306-787-5936. Early reporting can help investigators track down fraudsters and increase the chance of recovering your funds. Keep records of all communications, transactions, and screenshots of any social media posts or emails you received.

Saskatchewan Registration Requirements

Under the Securities Act, 1988, individuals and firms must register with the FCAA before trading or selling securities or derivatives in Saskatchewan. These rules ensure that only honest, knowledgeable, and financially stable people offer investment services to the public. Unregistered entities have not met these standards, putting investors at significant risk.

Tips to Protect Yourself

• Always verify that a person or company is registered in Saskatchewan before buying or advising on securities or derivatives. Check at aretheyregistered.ca.

• Know exactly what you are investing in and understand how the product or service works.

• Get a second opinion and seek professional advice from a qualified financial advisor.

• Do not allow unknown or unverified individuals to remotely access your computer.

• Never make an investment decision based solely on a public figure endorsement; scammers often fabricate endorsements to create false credibility.

Staying informed and vigilant is your best defense against investment scams. For suspicious activity or emergencies, contact the Saskatchewan Cybercrime Hotline at 1-844-POINTSK (1-844-764-6875).

Written by Gull Lake Events

Source: Government of Saskatchewan press release

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