Unauthorized binary options brokers in Manitoba on the rise

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The Manitoba Securities Commission has released new information about the growing number of binary options scams reported in the province.

Since the beginning of 2017, there have been 17 complaints against binary options brokers in Manitoba. One of the complainants reported losing $130,000 to an offshore binary options company, another was defrauded out of $300,000.

“This continues to be the biggest investment scam targeting Manitobans,” said Jason Roy, chair of the Canadian Securities Administrators’ Binary Options Fraud Task Force. “We are getting reports on this nearly every week, and for every report we receive, we know there are more people out there who haven’t come forward because of fear or embarrassment. And perhaps even worse, there are more people out there in Manitoba – and across Canada – right now who don’t realize they’re being conned.”

Read more at SMN Weekly

This article is summarized by Canadian Fraud News Inc.