An Ontario-based foreign exchange firm and its director have been charged with fraud and unregistered trading after allegedly defrauding investors out of more than $3.3 million through unauthorized investment activity.
The Ontario Securities Commission (OSC) has laid fraud and securities charges against Next Level Capital Group Inc., a Vaughan-based forex investment company, and its sole director, Abiodun Oladipupo Ajayi.
According to the OSC, between 2016 and 2021, Ajayi and his firm accepted millions from investors with promises of high returns through foreign exchange trading. However, neither the company nor Ajayi was registered to sell securities in Ontario.
The OSC alleges that investors’ funds were not used for legitimate trading and that the firm made misleading representations to obtain capital. A total of $3.3 million was collected from investors during the period in question.
Ajayi has been charged with:
- Fraud exceeding $5,000
- Trading in securities without registration
- Trading without a prospectus
All charges are under the Ontario Securities Act and the Criminal Code of Canada. The accused is scheduled to appear in court on July 10, 2025, at the Ontario Court of Justice in Toronto.
This enforcement action is part of the OSC’s Joint Serious Offences Team (JSOT) — a partnership with the RCMP and the Ontario Provincial Police Anti-Rackets Branch — focused on investigating and prosecuting serious securities-related misconduct.
The OSC reminds investors to always verify whether individuals or firms are properly registered by checking the Canadian Securities Administrators’ National Registration Search.
