The Ontario Securities Commission (OSC) issued on Monday a notice, in which it alerts that several binary options websites are falsely using the name of renown businessman and TV and radio star Kevin O’Leary to promote the services they offer. The brokers use advertisements with the image of likeness of Kevin O’Leary to promote ‘get rich’ schemes using certain binary options trading software and platforms.
The four websites that inaccurately use O’Leary are as follows:
- The Millionaire(s) Blueprint – www.binaryprofits.co/en/millionairesblueprint
- Play It On Point – www.piop.net/are-binary-options-a-scam
- Eurostreet Money – www.eurostreet.money/toronto/koopt.php?s=244796293
- Boss Capital – www.bosscapital.com/
“OSC Staff have communicated with representatives of Kevin O’Leary and confirmed that he has not approved the use of his image in any advertisements or news articles involving binary options, and that he is not promoting or otherwise associated with any binary options trading software or platforms […],” the Canadian regulator said in the notice.
Kevin O’Leary`is a Canadian businessman and television and radio personality. He is a co-founder of O’Leary Funds, O’Leary Fine Wines, O’Leary Financial Group, and SoftKey. He has been a host for a number of TV shows, including Discovery’s Project Earth, CBC’s Dragons’ Den, and ABC’s Shark Tank.
In October last year, the British Columbia Securities Commission (BCSC) issued a warning notice against Millionaires Blueprint for recruiting local residents without having the required authorization.
In Canada, the financial markets in the different provinces is regulated locally and their jurisdictions may vary. The OSC is in charge of the capital markets in Ontario, Canada’s largest province by population.
The regulator maintains a searchable register where investors can check whether a giver entity is authorized to provide financial services in Ontario.
When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.