Complaints & Guidance

For Immediate Release

June 17, 2011

Boiler Rooms Target Manitobans 

Winnipeg - The Manitoba Securities Commission (MSC) is warning the public about a potential Panamanian boiler room targeting Manitobans. It has been reported to the MSC that a company is soliciting Manitobans to invest in oil and gas futures and options. It is suspected that the company is based out of Panama and is not registered to trade in Manitoba. 

The MSC has learned that a Manitoba resident invested and lost money in another suspected related Boiler Room also operating out of Panama. That same Manitoba resident has now been contacted by another company with yet another investment opportunity. Staff believe that these companies may be connected and this individual is being targeted for a second time.

Boiler rooms can be set up virtually anywhere in the world. Individuals are cold called and persuaded to invest in risky or non-existent ventures. The scam artists use pitches such as “you have been specially selected, you are guaranteed to make a lot of money or this offer won’t last long,” to pressure victims into making a quick decision.

The MSC is warning Manitobans to exercise caution. You can take the following steps to protect yourself against becoming a victim of investment fraud:

  • Do not send money to someone you only know from an unsolicited phone call.
  • Do not give out personal information.
  • Research the investment.
  • Check registration status with the Manitoba Securities Commission.
  • Report scams 

If you have received unsolicited phone calls about investment opportunities please contact the Manitoba Securities Commission at 945-2548 and ask to speak to an investigator.

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Media Inquiries
Ainsley Cunningham
Manager, Education and Communications
(204) 945-4733