The Ontario Securities Commission (OSC) issued a warning to investors on Aug. 16 that Payback Limited appears to be involved in a scheme targeting former investors of Trans Atlantic Direct (TAD).
“Payback Limited is purportedly an Israeli company that appears to be targeting Ontario investors who lost funds to a foreign exchange trading scheme involving TAD,” says the regulator. The OSC has issued a Temporary Cease Trade Order that prohibits all trading in any securities by TAD.
“Payback Limited is contacting former TAD investors and claiming that it can recover their funds from TAD, for a fee,” warns the OSC.
Double dip scheme
The regulator believes the same individuals who perpetrated the TAD scheme are behind the Payback Limited offer. “This scenario is commonly associated with a 'double dip' scheme, where individuals who were scammed once are targeted again, often by the same group or individuals,” explains the OSC.
Ontarians who have been approached by representatives of Payback Limited are advised to contact the OSC Inquiries and Contact Centre at 1-877-785-1555 or firstname.lastname@example.org.