Investor Alert: The Alberta Securities Commission warns public about True North Bit

CALGARY, AB, March 17, 2022 /CNW/ - The Alberta Securities Commission (ASC) is warning the public about the activities of True North Bit, a company that claims to be offering trading and investment services to Alberta residents through its website https://www.truenorthbit.com.

True North Bit is not registered to trade in securities or derivatives in Alberta, and its actions are not in compliance with Alberta securities laws. 

The ASC has received a complaint from an Alberta resident who indicates he lost more than $200,000 after opening a trading account online with True North Bit. The victim says he received account statements showing large returns but was then unable to withdraw his funds.

The ASC reminds investors to be wary of "guaranteed" high investment returns, skyrocketing account values, solicitations over social media or the internet, entities requesting payment in bitcoin, and firms that are not registered to sell securities (investments).

To check whether an individual or firm is registered, please visit the Alberta-based registrant list on the ASC website if based in Alberta or the National Registration Search provided by the Canadian Securities Administrators.

Investors should also be wary of entities that claim to offer "recovery" services. These entities will require an up-front fee in order to "recover" the lost investment. More information on recovery room schemes can be found on the ASC's Checkfirst website.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission