Quebec’s Watchdog Warns on 'Fraudulent Representations' Made by RBCmarkets

Quebec’s Autorité des Marchés Financiers (AMF) has issued a warning alert on alleged fraudulent representations made by the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) broker RBCmarkets through its website. According to the announcement, the watchdog said that neither www.rbcmarkets.com nor EX 64 are associated with RBC Royal Bank and its subsidiaries in Canada.

The authority pointed out that the AMF did not grant licenses to RBCmarkets nor EX 64. Additionally, the companies are not authorized to offer services to Quebeckers.

“The AMF urges Québec consumers to be very cautious when thinking about investing with companies that solicit them on-line. There is limited recourse against such companies and their executives when they operate outside Canada, which is often the case,” the Autorité des Marchés Financiers said in the warning.

Furthermore, Quebec’s financial watchdog raises concerns on reports about 'significant losses' related to RBCmarkets. “The available facts indicate that Quebeckers are solicited and seemingly able to open an ‘account’. However, consumers actually have no control over the account or site content, which can be manipulated by the fraudsters,” the AMF added.

That said, the Quebec financial authority asked local consumers to check within AMF’s website the list of the firms registered and licensed by them, authorized to offer their services to Quebeckers. Otherwise: “if the firm or individual is not registered with the AMF, immediately report the situation to an agent at the AMF Information Centre.”

AMF Charging Alleged Crypto Scammers

In addition, the AMF has been active in cracking down on illegal initial coin offerings (ICOs). Finance Magnates reported last year that the watchdog filed charges against PlexCoin ICO masterminds, who raised almost $15 million through soliciting investors from the US and Canada. The authority charged defendants behind the alleged cryptocurrency scam with seven counts of offenses.

Formed in 2004, the Autorité des Marchés Financiers is the regulatory body for Québec’s financial sector.