Canada’s biggest stock market regulator is warning that Conservative party leadership candidate Kevin O’Leary’s likeness is being improperly used to entice investors into “get rich” schemes involving binary options trading platforms.
“OSC Staff have communicated with representatives of Kevin O’Leary and confirmed that he has not approved the use of his image in any advertisements or news articles involving binary options, and that he is not promoting or otherwise associated with any binary options trading software or platforms,” the Ontario Securities Commission said in an alert to investors Monday.
Kevin O'Learly Binary Options Cash Loophole!
One website, whose link was provided by the OSC, featured a large, slightly out-of-focus picture of what appeared to O’Leary alongside a quote about taking risks to make money. Another features a headline, beside a similar likeness, which reads: “Here’s How Kevin O’Leary Made Millions and How Anyone Can Copy His Success…”
O’Leary, a businessman who is perhaps best known for his television business and entertainment shows including CBC’s Dragons’ Den and Shark Tank on U.S. network ABC, officially announced his run for leadership of the federal Conservative party official this month.
Neither O’Leary nor his communications representative were immediately available for comment.
Securities regulators have been cracking down on a proliferation of websites promoting offshore binary options trading platforms to Canadian investors.
In March, the Canadian Securities Administrators said regulators had “serious concerns” about the growth in the number of promotions since “no business is currently registered or authorized to market or sell binary options in Canada.”
Separately, in October, the British Columbia Securities Commission issued a warning about Millionaires Blueprint binary options trading software.
“Millionaires Blueprint is not registered to trade in, or advise on, securities or exchange contracts in B.C.,” the regulator said in a statement on Oct. 28. “We urge B.C. residents to exercise caution when dealing with firms that are not registered to trade or advise in B.C.”
The website link provided by the BCSC in the statement remained active on Monday. One of the web links provided by the OSC contained “millionairesbluprint” as part of the address, but it did not successfully open any web pages.
According to regulators, a binary option is a type of option whose payout depends on whether the underlying stock, commodity, or other asset increases or decreases in value. The options are considered securities and those who deal in them must therefore be registered with Canadian regulators.