Alberta Securities Commission (ASC)
The Alberta Securities Commission is the regulatory agency responsible for administering the province’s securities laws. At WSAC, we share the ASC’s mission: to foster a fair and efficient capital market in Alberta and protect investors.
UPDATES FROM OUR FRIENDS AT ASC
As part of our commitment to financial wellness and seniors’ fraud prevention, we’re excited to partner with the ASC to bring you valuable resources and updates. From time to time, we’ll be highlighting investment tips and fraud alerts from their organization to help you make informed decisions and stay safe from financial scams.
Below is the update from the ASC!
ASC WARNS PUBLIC ABOUT SUSPECTED CRYPTO INVESTMENT SCAM: CANCAP
March 7, 2025
CALGARY – March 7, 2025 – As part of Fraud Prevention Month, the Alberta Securities Commission (ASC) is warning the public about the prevalence of crypto investment scams, including a recently reported social media and internet-promoted crypto investment scam called CanCap.
The suspected scam falsely references various endorsements, including a connection to the Government of Alberta and an ad featuring a fake CBC news article with an image of Prime Minister Justin Trudeau. The fake article notes that the Prime Minister is purportedly responding to U.S. tariffs by endorsing an investment program involving digital currencies. Upon further investigation, the CanCap scam is associated to several websites, including ecosmartfunds.com, heepstekk.com, primeinvests.eu, muxcap.io, webtrader.springhill.top and traderboltai.com. Neither CanCap nor any person or company associated with these websites are registered to facilitate the buying or selling of investments, or to provide advice in relation to investments, in Canada.
The ASC advises that the scam should not be confused with CanCap Group, a privately-owned Canadian financial services company.
Fraudsters continue to use sophisticated techniques to deceive investors, often impersonating legitimate companies, leveraging current events, and fabricating endorsements from well-known individuals to create a false sense of credibility and legitimacy.
Warning signs of fraudulent crypto investment schemes include:
- Use of recognizable company names: Scammers exploit the names of legitimate institutions or firms to mislead investors into believing the opportunity is credible.
- False endorsements from public figures: Fraudulent schemes often feature images of celebrities, government officials, or business leaders who have no actual connection to the investment.
- Fake news articles: Scammers create fabricated media stories featuring well-known journalists or media personalities to give their schemes the appearance of legitimacy.
- Exploitation of current events: Fraudsters capitalize on real-world economic and political developments to make their scams seem timely and relevant.
- Unrealistic promises of high returns: Crypto scams frequently claim that investors can achieve significant profits with minimal risk. Many also use complex financial jargon, such as “AI-powered trading” or “algorithmic trading strategies” to appear sophisticated.
Investors are strongly encouraged to visit CheckFirst.ca and to:
- Learn the red flags of fraud.
- Check the National Registration Search to ensure the individual or firm selling an investment is registered to deal or advise in securities.
- Check the CSA Investor Alerts, Disciplined List and Cease Trade Orders to ensure the individual or firm selling the investment opportunity isn’t considered an investor risk, or the subject of disciplinary or enforcement actions.
The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.
31 Common Investment Scams and Red Flags
Investment scams are more common than you might think. But as an informed investor, you have the power to protect your financial future. With the right resources and tools, you can avoid falling victim to fraud. This interactive guide is designed to empower you with knowledge about the common investment scams impacting Albertans.
Don’t let fraudsters take advantage of you and your hard-earned money. Build your confidence — learn to recognize, avoid, and report investment fraud.
Visit the Alberta securities Commission website HERE to learn more about red flag today!
This article was originally published on the Alberta Securities Commission’s (ASC) investor education website CheckFirst.ca. The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate, and harmonize the regulation of Canada’s capital markets.