The Financial and Consumer Affairs Authority of Saskatchewan is warning Saskatchewan residents about an online entity operating under the name WilliamsBlair Asset Management Ltd., saying the company is not registered to trade or sell securities in the province.
According to the regulator, WilliamsBlair has been contacting Saskatchewan residents through social messaging platforms and promoting what it claims is an investment mobile application.
The app allegedly displays realistic market screens, increasing account balances, share purchases, and margin-style investment opportunities.
In a statement, FCAA Securities Division Executive Director Dean Murrison said verifying registration status is a critical step before investing.
“Checking the registration status of any investment entities through aretheyregistered.ca is a vital step for Saskatchewan residents looking to invest,” Murrison said. “By checking the registration status, Saskatchewan investors can make sure that who they deal with is a legitimate business.”
The FCAA said WilliamsBlair Asset Management Ltd. is not registered with the authority to trade or sell securities or derivatives in Saskatchewan.
The regulator cautioned residents not to send money to unregistered companies, warning they may not be legitimate businesses and may not be subject to investor protections under provincial law.
The FCAA also noted there may be other legitimate businesses with the same or similar names. The warning applies specifically to the online entity using social messaging channels and the alleged investment application described in the alert.
Under Saskatchewan law, individuals and companies must be registered with the FCAA to trade or sell securities or derivatives. Registration requirements under The Securities Act, 1988 are intended to ensure sellers are qualified, financially stable, and operating honestly.
Anyone who has invested with WilliamsBlair or with someone claiming to act on its behalf is urged to contact the FCAA’s Securities Division at 306-787-5936.
How to protect yourself
The FCAA recommends Saskatchewan residents take the following steps before investing:
- Always verify registration status through the Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
- Make sure you fully understand the investment, product, or service being offered.
- Seek a second opinion or professional advice before investing.
- Never allow unknown or unverified individuals remote access to your computer.
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