08/11/2014 10:42 EDT | Updated 10/11/2014 05:59 EDT

Alberta Securities Regulator Warns Of Offshore Account Scam

Christian Hoehn via Getty Images

CALGARY - The Alberta Securities Commission is warning investors of what appears to be an illegal scheme to sell securities by Europe-based TRID Pacific Investments.

The provincial securities regulator says TRID has encouraged Alberta investors to place funds in offshore accounts in order to access a new investment product that promises high returns with low risk.

The regulator notes that it's more difficult, if not impossible, for investors to retrieve their money offshore if something goes wrong. This type of investment makes it highly unlikely for investors to be insured against loss, the regulator adds.

The Alberta Securities Commission says TRID isn't registered to sell securities in Alberta and is based in Monaco, but funds are sent to accounts in Spain.

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