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Saskatchewan Government Warning Residents to Watch out For Potential Scam

The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan is warning residents after at least one person in Saskatchewan was contacted by a company calling themselves Loyalty Insurance Group. They are contacting people who may have invested in unregistered binary options companies “Titan Trade” or “Banc de Binary.”

The person contacting residents is saying investors may be entitled to settlement funds in relation to a class action suit in the United States against “Titan Trade” and “Banc de Binary.” They then ask the investor to provide information as well as a deposit so that they may receive a share of the settlement funds.

The Saskatchewan Government says Loyalty Insurance Group is not a licensed collection agent in Saskatchewan, and it is not licensed to transact insurance in the province of Saskatchewan.

The FCAA is cautioning both investors and consumers to not send money to companies located outside of Canada that are not licensed or registered in Saskatchewan.

If you have been contacted by Loyalty Insurance Group or anyone who claims to be acting for them, you are asked to contact the Securities Division, Enforcement Branch at 306-787-5936.

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