Western Canada Alerted for Stock Repurchase Scam
The four provinces in Western Canada were alerted due to the spread of the stock repurchasing scam. Scammers are said to ask for a fee for an offer to repurchase stocks in an inflated rate, but never did.
A scam was discovered to be operating in the in Western Canada and investors are already alerted by the securities regulators to avoid certain scammers.
It has been said since it was discovered last Tuesday that all of the four provinces in Western Canada are being infiltrated by the scam operators.
In a news release, the scam was described as recovery room scheme by the Alberta Securities Commission or ASC. The recovery room scheme works in a way that owners of thinly traded stocks are being victimized. These owners are said to be contacted by the scammers as they know that the stocks of these owners have already lost value. Next, the scammers will ask for fees to handle the transaction after the owners agree to them buying their shares at inflated prices. Now, they will soon discover that the scammers did not repurchase the stock but they have already run away with the fee.
Primarily, the warning by ASC was aimed at the York-Rio Resources Inc. investors in Alberta, together with TLC Explorations Inc. The shares trading of the Saskatchewan Financial Services Commission to the Castleton Group and Beltway M&A. Even those who are operating under the names of Daniel Greco, Vick Newman, Joshua Stevens, Jim Young, and Patrick Thompson have been halted.
Manitoba and British Columbia have already received the same alerts given by the securities regulators after they received the news that York-Rio Resources had been contacted by a company called Penn Capital Management Ltd. The said company was asking for a fee after offering to repurchase their shares at inflated prices.
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