TORONTO, Feb. 17, 2023 /CNW/ – The Ontario Securities Commission (OSC) is warning investors that Nova Tech Ltd (NovaTech), which operates the website www.novatechfx.com, is not registered with the OSC in any capacity. This means they are not authorized to offer trading in securities to anyone located in the province.
The OSC today issued a temporary cease trade order that includes a prohibition against all trading in any securities by NovaTech.
While the OSC’s investigation into NovaTech’s activities is ongoing, it appears NovaTech may be operating in breach of Ontario securities law, including provisions related to unregistered trading and the illegal distribution of securities. In early February 2023, NovaTech announced that it placed a temporary freeze in trading account withdrawals. Notwithstanding the freeze, NovaTech continued to make its products available to Ontario investors.
Ontario investors who have been approached by NovaTech or purchased its investment products should contact the OSC’s Inquiries and Contact Centre at 1-877-785-1555 or [email protected].
The OSC urges investors always to check the registration of any person or business trying to sell them an investment or give them investment advice. Before investing in crypto assets, investors should also consult the list of platforms that are registered with Canadian securities regulators.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.
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SOURCE Ontario Securities Commission