Ontario Securities Commission warns against unlicensed Costa Rican firm Magellan Trading

Regulatory officials in the Canadian province of Ontario have become aware of an unlicensed entity which has been soliciting for business without authorization.

The Ontario Securities Commission (OSC) has today issued a warning to potential investors regarding a Costa Rican retail FX company which operates under the name of Magellan Trading.

The regulatory authority states that Magellan Trading Group International doing business as www.magellantradingfx.com is not registered in Ontario, Canada to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities.

The company, whose website draws reference to its namesake, the Portuguese explorer, and portrays images of suited professionals aboard a yacht, is registered at EdificioTorre Mercedes, Calle 24 San Jose, Paseo Colon, 7071011, Costa Rica.

Magellan Trading is the second Costa Rican entity which has attracted the attention of Ontario’s regulator recently, the OSC having issued a similar warning regarding Rockwell Partners earlier this month.

For the official announcement, click here

Read Also: