Winnipeg Free Press - PRINT EDITION
Warning on Cyprus-based fund issued
The MSC said it knows of one investor and suspects there may be others who have been contacted by a purported high-yield, investment-fund website operator called Genius Funds, or Genius Investments.
It said in addition to its investments, Genius offers individuals an opportunity to earn a six per cent commission if they refer someone to the fund who makes an investment.
The MSC said Genius is not registered to sell securities in Manitoba. And anyone who makes a successful referral may be in breach of the Manitoba Securities Act.
It said the British Columbia Securities Commission is also investigating allegations it breached securities laws in that province. It has temporarily prohibited the fund from trading securities or engaging in investor relations there pending the outcome of its investigation.
The MSC said anyone who knows of someone in Manitoba who has had dealings with Genius, or is considering it, should contact the MSC by phone (1-800-655-5244) or email (securities@gov.mb.ca)
Republished from the Winnipeg Free Press print edition March 2, 2010 B8
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