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Cease Trade Order Issued Against Next Trade Ltd. And Olympus Markets

Released on September 24, 2019

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a Cease Trade Order against Olympus Markets and Next Trade Ltd., a corporation located in Port Vila, Vanuatu.

Next Trade Ltd. and Olympus Markets appear to operate a website, www.olympusmarkets.com, which offers information on how to trade various securities and derivatives and may facilitate potential trades.  Next Trade Ltd. and Olympus Markets are not registered in Saskatchewan to sell, trade or offer advice regarding securities and derivatives.

“Non-registered online trading platforms are a problem in the industry, as they are so easy to set up and can look quite professional to anyone coming across them,” Financial and Consumer Affairs Authority Deputy Director of Enforcement Harvey White said.  “We caution Saskatchewan residents to be careful when clicking online advertisements with promises of big returns on investments, especially from companies who are not located or registered in Saskatchewan.  Before sending any money or information to anyone, check to see if a company is registered by visiting www.aretheyregistered.ca.” 

The Cease Trade Order directs that all trading in securities and derivatives by Next Trade Ltd. and Olympus Markets cease up to and including September 27, 2019.  The order may be extended as necessary.

Anyone contacted by Next Trade Ltd., Olympus Markets or any representatives from these companies should contact the FCAA Securities Division at 306-787-5936.

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For more information, contact:

Shannon McMillan
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: shannon.mcmillan@gov.sk.ca

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