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Investor Alert: Payback Limited and Trans Atlantic Direct

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Investor Alert: Payback Limited and Trans Atlantic Direct

Canada NewsWire

TORONTO, Aug. 16, 2018 /CNW/ - The Ontario Securities Commission (OSC) is warning investors that Payback Limited appears to be involved in a scheme that targets former investors of Trans Atlantic Direct (TAD).

Payback Limited is purportedly an Israeli company that appears to be targeting Ontario investors who lost funds to a foreign exchange trading scheme involving TAD. The OSC has issued a Temporary Cease Trade Order that prohibits all trading in any securities by TAD. Payback Limited is contacting former TAD investors and claiming that it can recover their funds from TAD, for a fee.

The OSC believes the same individuals who perpetrated the TAD scheme are behind the Payback Limited offer.

This scenario is commonly associated with a 'double dip' scheme, where individuals who were scammed once are targeted again, often by the same group or individuals.

Ontarians who have been approached by representatives of Payback Limited should contact the OSC Inquiries and Contact Centre at 1-877-785-1555 or inquiries@osc.gov.on.ca.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.gov.on.ca.

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SOURCE Ontario Securities Commission

View original content: http://www.newswire.ca/en/releases/archive/August2018/16/c2760.html

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