Quebec’s financial markets regulator, the AMF, has issued a warning that the forex investment platform Kaizen Global Network is not licensed to do business in the province of Quebec, but has been soliciting clients.
Furthermore, the AMF says, the company owner – one Reza Mokhtarian who lives in Toronto, has been charged with one count of fraud against the public over $5000 by Ontario’s Securities Commission. The OSC alleged that Mokhatarian committed this offence between the dates of July 1, 2013 and December 31, 2015.
The AMF clarifies that besides the main website www.kaizenglobal.com, the company also operates the following sites:
The Quebec regulator notes that neither Kaizen Global International Ltd., nor Mentor Tips Inc are approved or registered to do business in the province and therefore are prohibited from soliciting investors in Quebec.
According to the AMF, the listed websites offer seminars about forex tradings, automatic trading services sold under the names Autotrader and Synergy Trader and a multilevel management scheme disguised as investments in the form of “packs” which compensate holders for recruiting new members. Those “packs” promise unrealistic payouts and bonuses.
The AMF says that it has identified individuals and groups that promote Kaizen products and services in Quebec, mainly through social media and online ads.