The Alberta Securities Commission (ASC) is issuing an investor alert after it received reports that Loyal Financial Group has solicited investors using internet advertising or news releases promoting investments with monthly returns of 2% to 13.5%, and directing investors to send their applications and money to an address in Alberta.
The regulator says that investors “should be aware that Loyal Financial Group and its agents are not registered to sell securities in Alberta”, and that the company and its principals are located in Illinois. It notes that Loyal Financial Group is not associated with Canada Loyal Financial Ltd., which is headquartered in Oakville, Ont.
The ASC says it’s working with the Illinois Securities Department regarding Loyal Financial Group’s solicitations to Alberta and North American residents. And, it directs investors who have been contacted by someone claiming to represent Loyal Financial Group to refer to the Illinois Securities Department’s website (www.cyberdriveillinois.com) for more information. It also urges the public to be wary of Loyal Financial Group and other similar schemes.