NSSC Issues A Warning Against Trading Platform Stanford FX

The Nova Scotia Securities Commission (NSSC) has issued a warning against Stanford FX, a  trading platform providing financial services in an illegal manner in Nova Scotia.

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Stanford FX operates under the domain www.stanfordfx.com, claiming to be an online trading platform and brokerage operating out of London, England. Further, the company claims to be registered by the Financial Conduct Authority (FCA) in the United Kingdom, which is not true after a warning notice issued by the British watchdog clarified the matter.

According to the regulator, at least one Nova Scotian investor lost money after opening an account with Stanford FX. After account details showed growing profits earned on the investment, representatives of Stanford FX tried to convince the investor to deposit more money by promoting greater future profits. But requests for withdrawals from the account were ignored.

“In additional to verifying registration, always take the time to search the entity and its representatives,”Stephanie Atkinson, Director of Enforcement for the commission said.”Taking a few minutes to Google the entity and individual names may save you from irreversible financial loss.”

The commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia. It is illegal to solicit investments in the province without registering with the commission and complying with Nova Scotia securities laws unless an exemption applies.