The Autorité des marchés financiers (AMF) issued a warning to investors Wednesday about so-called high-yield investment programs.

The AMF reports that it has learned that a number of investors in Quebec were recently lured by secret investment programs that promise large returns and suggest involvement by well-regarded international banks.

It says that these sorts of bogus investment schemes usually promise “exclusive access to a clandestine market for trading in the debt securities of major institutions, purportedly some of the world’s leading banks.”

The schemes often suggest that they are offering rare access to transactions that are usually reserved for large corporations and very wealthy investors, it notes. And, it says that the schemes typically promise exorbitant returns, often in excess of 100%, for low risk. Investors are also told to keep their participation in these sorts of transactions confidential, it adds.

The AMF reminds investors to be cautious before making an investment, and to check that both the firms and individuals acting as intermediaries are properly registered with regulators.