Investor Alert: Impersonation Scam Falsely Claims Endorsement by Federated Co-operatives Limited and Scott Banda in Social Media Posts Targeting Saskatchewan People

Investor Alert: Impersonation Scam Falsely Claims Endorsement by Federated Co-operatives Limited and Scott Banda in Social Media Posts Targeting Saskatchewan People (Image Credit: Government of Saskatchewan)

Investor Alert: Impersonation Scam Falsely Claims Endorsement by Federated Co-operatives Limited and Scott Banda in Social Media Posts Targeting Saskatchewan People The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan residents about the online entity known as Profit Rings. Social media s have promoted Profit Rings and directed users to a fake news article.

The article falsely claims that Profit Rings is endorsed by Federated Co-operatives Limited (FCL) and by Scott Banda, whom the article incorrectly identifies as FCL’s CEO. Mr. Banda is FCL’s former CEO and retired in 2022. “Always check the registration status of an entity at aretheyregistered.ca before you invest, and do not deal with any unregistered entities,” FCAA Securities Division Executive Director Dean Murrison said.

“Scammers often create fake news articles to mimic legitimate media and try to get you to make an investment based on a notable figure endorsement.”