The Autorité des marchés financiers (the “AMF”) is warning consumers about activities carried on by Steeve Beaudin through the website www.maxhyip.com promoting high-yield investment programs (HYIP) to Québec investors.
Steeve Beaudin is not registered with the AMF and is therefore not authorized to solicit or advise Québec consumers for investment purposes. On his website, Steeve Beaudin promotes products and services relating to various high-yield investment programs (HYIP) to Quebeckers. The AMF believes that Steeve Beaudin is aiding HYIPs with illegal activities as securities advisers in Québec.
To ensure compliance with the law and protect the public, the AMF is asking the Bureau de décision et de révision (the “Bureau”) for orders that the activities carried on by Steeve Beaudin cease and that the website www.maxhyip.com be shut down. The AMF is also asking the Bureau to impose administrative penalties on Steeve Beaudin.
Caution when dealing with HYIPs
HYIPs are investment programs in which money is invested for a given period (hour, day, week or month) at a high interest rate. It is a fraudulent scheme where investors are generally asked to entrust the management of their investments to so-called experienced managers and they receive interest according to the period chosen, which they can withdraw as they wish. In addition to being fraudulent, HYIPs are administered by companies which are generally off-shore, making it difficult for consumers to take legal action against them.
The AMF reminds investors to follow five simple steps to help determine if they are the target of fraud. Visit our website to learn more about how to protect yourself against this type of conduct.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.