Business ProfileforScotia Investments

In January 2019 BBB investigated the business practices of Scotia Investment based on a complaint. A consumer indicated they had sent investment funds to the company via Bitcoin. The consumer did not receive the promised return on their investment and resolution with the company was unsuccessful. The company ceased communicating with the consumer and blocked all further attempts at contact.

The company website scotiainvestment.net reports that they are located at 44 King St W Toronto, ON M5H 1H1, however this address belongs to a Scotiabank branch. BBB is unable to confirm the physical location of the business. On January 14 2019 BBB checked the website to determine when it was created and where it was registered. The website was created on January 7 2019 however the registrant information was not disclosed. On the same date, BBB contacted the company via phone at 773 645-9098 however the number was disconnected.

Additionally, the company claims to hold a Financial Services License, but does not report the agency which issued the license, or the number. BBB was unable to locate the required license with the Financial Securities Commission of Ontario or the Ontario Securities Commission.

A federal and provincial incorporation search returned no results, implying that the company is not a registered company in Canada.

Based on the information detailed above, BBB suggests consumers exercise caution if investing with this business.

BBB Tips:

- Be very wary of buzz words. Certain phrases should raise a red flag for an investment opportunity. Don't believe anything that is "guaranteed" to do well, or that offers low or no risk with a high return. Pyramid schemes (even if they are not called that) require you to bring in other investors in order to recoup your initial investment.
- The investment industry is highly regulated. Be wary if investments are unregistered with the Ontario Securities Commission (OSC) or other investment industry regulators. Also, check licensing for the sellers.
- High-pressure sales tactics are also a big warning sign. Many risky investments are sold at "opportunity meetings" or other high-pressure situations. A similar tactic is the use of a "shill," a decoy who offers a fictional success story but is really being paid by the promoter of the plan. Some pitches leverage a shared connection such as the same ethnicity, church, profession, etc. Be on the lookout for attempts to prey on an affinity.
- How do you make money? If you find that the reward for recruiting new distributors and selling them products and training materials is more than the reward for selling products, you may be dealing with a pyramid scheme.