Advertisements featuring Kevin O’Leary’s image have been falsely linking him to certain binary options trading software and platforms to promote “get rich” schemes, warned the Ontario Securities Commission (OSC) this week.

Currently running for the leadership of the Conservative Party of Canada, O’Leary is a businessman who co-founded Softkey, O’Leary Funds and has appeared in reality TV shows such as Dragon’s Den.

Advertisements were not approved

The OSC says its staff contacted O’Leary’s representatives who confirmed that the use of his image in these advertisements was not approved and that he is not associated with binary options trading software.

Some of the binary options trading software involved include: The Millionaire(s) Blueprint, Play It On Point, Eurostreet Money, and Boss Capital.

Not authorized in Canada

The Canadian Securities Administrators (CSA) issued a warning in March 2016 stating that no businesses are authorized to market or sell binary options in Canada. The CSA warned there is a growth in websites abroad promoting binary options trading software to Canadians.

In its warning, the CSA also explained that binary options are like bets on how an asset will perform in a limited amount of time. “They are ‘all or nothing’ wagers, similar to gambling. However, even when investors see virtual gains, they often cannot access these profits as they don’t exist.”

Quebec regulator, the Autorité des marchés financiers, also issued a warning as we reported in November.