SAINT JOHN (GNB) – The Financial and Consumer Services Commission has issued an alert to advise New Brunswickers of a potential investment scheme originating in California. The California regulator has issued a Desist and Refrain Order alleging that World Capital Market, also known as WCM777 on social media, has been illegally marketing membership units in its purported online cloud service.

The companies have been placed on the Financial and Consumer Services Commission’s online Caution List. The alert follows cease trade orders issued in Massachusetts and California.

“The California investigation highlighted several important red flags that investors should consider before making any investment,” said Jake van der Laan, director of enforcement at the commission. “The company appears to have no other business than selling these marketing units and investors have been promised returns of 140 per cent in under a year.”

New Brunswickers who have been approached by this company or other companies with similar schemes are encouraged to contact the commission immediately. No investment from New Brunswick has been reported to date.

The Financial and Consumer Services Commission provides protection to consumers and investors from unfair, improper or fraudulent practices. The commission brings together regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires, and loan and trust companies. It is an arm's-length Crown corporation self-funded by the fees and assessments paid by the regulated sectors.