Alberta Securities Commission warns public against True North Bit
CALGARY, Alta., March 17, 2022 /CNW/ – The Alberta Securities Commission (ASC) is warning the public about the activities of True North Bit, a company that claims to provide trading and investment services to alberta residents through its website https://www.truenorthbit.com.
True North Bit is not registered to trade any securities or derivatives in albertaand his actions are not in accordance with alberta securities laws.
The ASC received a complaint from a alberta resident who indicates having lost more than $200,000 after opening an online trading account with True North Bit. The victim says he received account statements showing significant returns but was then unable to withdraw his funds.
The ASC reminds investors to beware of “guaranteed” high investment returns, skyrocketing account values, solicitations on social media or the internet, entities requesting payment in bitcoin, and companies that do not are not registered to sell securities (investments).
To check if a person or company is registered, please visit the albertabased on the list of registrants on the CSA website if based in alberta or the national listing search provided by the Canadian Securities Administrators.
Investors should also be wary of entities that claim to offer “salvage” services. These entities will charge an upfront fee in order to “recoup” the lost investment. More information about recovery room programs can be found on the ASC’s Checkfirst website.
The ASC is the regulator responsible for administering the province’s securities laws. It is responsible for fostering a fair and efficient capital market in alberta and with investor protection. As a member of the Canadian Securities Administrators, the ASC strives to improve, coordinate and harmonize the regulation of from Canada capital markets.
SOURCE Alberta Securities Commission
For further information: For media inquiries: Theresa Schroder, Senior Advisor, Communications, 587.830.4286; For investor inquiries: ASC Public Inquiries, toll free 1.877.355.4488