The AMF was successful in two recent decisions before the TMF against individuals soliciting private investment and Forex trading investors via ads on Kijiji.
In both AMF vs Salonon and AMF vs Mvondo, two decisions issued on August 31, 2016, the TMF relies on the findings of the OSC in Re First Federal Capital (Canada) Corp.:
«[55] Sophisticated investors are not approached with investment opportunities through the Internet. Relatively unsophisticated retail investors are the target of solicitations through the Internet. The reach of the Internet is far and wide. We have no reason to believe that First Federal intended only to attract the interest of accredited investors with respect to whom there may exist exemptions from the registration and prospectus requirements of Ontario securities law. Indeed, an examination of the material that was contained on the web site refers to unsophisticated people and retail investors that are unaware of how the bank market operates.»
Apparently, one can browse for used furniture and find leads for important investigations and enforcement proceedings in the classified ads!
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