01/30/2017 04:07 EST | Updated 01/30/2017 08:39 EST

Regulator Warns Of 'Get Rich' Schemes Using O'Leary's Likeness

Kevin O'Leary has not endorsed any binary trading platforms, OSC says.

TORONTO — Ontario's securities regulator is warning investors about advertisements that use the image or likeness of Kevin O'Leary to promote "get rich'' schemes.

The Ontario Securities Commission says representatives for the businessman and Conservative leadership candidate confirm that he hasn't promoted or approved the use of his image in any ads or news stories involving binary options trading software and platforms.

The regulator says the binary options trading software and platforms in question include the Millionaire(s) Blueprint, Play it on Point, Eurostreet Money and Boss Capital.

A screencap of an ad on the Play it on Point website, claiming Conservative leadership candidate kevin O'Leary endorses binary trading. The OSC says O'Leary did not approve the use of his image on these ads.

The Canadian Securities Administrators have expressed concerns about the rise in the number of websites promoting offshore binary options trading platforms targeting Canadians.

No business is registered or authorized to market or sell binary options in Canada.

Binary options trading involves people making investment decisions based on whether something specific will happen at a particular time.

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