Warning Investors PlutusLegacy Trust – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Introduction:
PlutusLegacy Trust is a website that claims to be a brokerage firm that provides trading services in stocks, bonds, commodities, currencies, indices, ETFs, and cryptocurrencies. The website also claims to offer various account types, trading platforms, educational resources, and bonuses. However, the ASC has recently issued a warning about PlutusLegacy Trust, stating that it is not registered to trade in or advise on securities or derivatives in Alberta. The ASC also stated that PlutusLegacy Trust has not filed any reports or disclosures with the ASC as required by law.
Regulation and Compliance:
The ASC is the regulatory agency responsible for overseeing the capital market in Alberta. It administers and enforces the Securities Act (Alberta) and its regulations, which aim to protect investors and foster fair and efficient capital markets. The ASC requires that any person or company that engages in the business of trading in or advising on securities or derivatives must be registered with the ASC and comply with its rules and policies. Registration helps to ensure that the registrants have the necessary proficiency, integrity, and solvency to carry out their activities. Compliance helps to ensure that the registrants follow the laws and regulations that govern their conduct and reporting.
Customer Support:
According to its website, PlutusLegacy Trust claims to offer 24/7 customer support via phone, email, live chat, and social media. However, there is no evidence that these channels are operational or responsive. The website does not provide any physical address or contact details for the firm. The phone number listed on the website is not a local number for Alberta or Canada, but a UK number. The email address listed on the website is a generic one that does not match the domain name of the website. The live chat feature does not work and redirects to a blank page. The social media icons on the website do not link to any active accounts.
Customer Reviews:
There are very few customer reviews available online for PlutusLegacy Trust. The available ones are mostly negative and indicate that PlutusLegacy Trust is a scam. Some of the common complaints include:
– Difficulty in withdrawing funds or closing accounts
– Unauthorized charges or fees
– False or misleading information
– Poor or non-existent customer service
– Pressure or harassment to deposit more money
– Manipulation or interference with trades
Measures to Avoid Scam Brokerages:
To avoid falling victim to scam brokerages like PlutusLegacy Trust, investors should take the following measures:
– Check the registration status of any brokerage firm or individual before dealing with them. The ASC provides a free online tool called CheckFirst.ca that allows investors to verify if a firm or individual is registered or has been disciplined by the ASC.
– Research the reputation and background of any brokerage firm or individual before dealing with them. Investors can use online sources such as Google, social media, forums, blogs, review sites, and consumer protection agencies to find out more about the firm or individual’s history, performance, complaints, and feedback.
– Read and understand the terms and conditions of any agreement or contract before signing it. Investors should pay attention to the details such as fees, commissions, spreads, margins, leverage, withdrawal policies, dispute resolution procedures, and risk disclosures.
– Be wary of any unsolicited offers or promises of high returns with low risk. Investors should remember that there is no such thing as a free lunch or a guaranteed profit in investing. If something sounds too good to be true, it probably is.
– Report any suspicious or fraudulent activity to the ASC or other authorities. Investors can contact the ASC if they have any questions or concerns about a brokerage firm or individual. Investors can also file a complaint online with local authorities and or ASC
Conclusion:
PlutusLegacy Trust is a brokerage firm that claims to offer trading services in various securities and derivatives. However, it is not registered with the ASC and has not complied with its reporting obligations. The ASC has issued a warning about PlutusLegacy Trust and advised investors to exercise caution when dealing with it. Investors should also take measures to avoid scam brokerages by checking their registration status, researching their reputation, reading their terms and conditions, being wary of their offers, and reporting their misconduct.
