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Regulators in Manitoba issued a warning to investors about an unregistered trading platform that’s claiming to offer guaranteed returns by trading in a variety of financial assets.

The Manitoba Securities Commission (MSC) is warning investors about a Bulgaria-based company, Trader Platinum and traderplatinum.com, that claims to trade stocks, commodities, financial derivatives and contracts for difference (CFDs). The MSC said that its alert follows an investigation into the unregistered firm that raises a number of red flags.

For one, it said investors have reportedly been promised guaranteed returns, with minimum profits of at least 1% per day.

According to Jason Roy, senior investigator with the MSC, one investor was promised monthly profit returns of 15% to 30%. “That’s something like 180% to 350% per year ROI. The caller also indicated that the first two weeks would be ‘zero risk,’ and that any following trades would be ‘low risk.’ That should absolutely raise a red flag that you might be dealing with a scam,” he said in a statement.

The MSC also pointed out that the company’s location in Sofia, Bulgaria signals a concern.

“Bulgaria has unfortunately become a current prime landing place for many fraudsters run out of other countries,” said Roy, “specifically binary options trading, which was completely banned in Canada, Israel, and other nations last year.”