Quebec's securities watchdog warns about broker it says is making false claims on Twitter

A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones Industrial Average, Tuesday, March 3, 2020. The DJIA dropped 785 points and bond prices surged after an emergency interest-rate cut by the Federal Reserve failed to reassure markets racked by worries that a fast-spreading virus outbreak could lead to a recession. (AP / Richard Drew)

Quebec’s securities watchdog, The Autorite des marches financiers (AMF), is warning consumers about a broker it says is making false claims on Twitter.

Hawk/Trading Plex touts itself as a platform that teaches users about cryptocurrency, stock and foreign exchange.

Its Twitter page claims it's registered with the AMF, but the AMF says it's not.

In a statement, the watchdog writes, "HAWK / TRADING PLEX is not registered with the AMF in any capacity, and the AMF does not in any way endorse the entity's services. The AMF is taking the necessary steps to have this information removed."

AMF spokesperson Sylvain Theberge said he’s not aware of anyone losing money but said it’s urgent people know the risks of doing business with companies that aren’t registered.

"If you do business with a company in securities that’s not registered with the AMF, if something wrong happens like a fraud, because they’re not registered you have no legal recourse," he said.

He added that if you have a problem with a registered company, you could have access to a compensation fund and other forms of support.

 

  

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