Investors warned of stock trading scam

DURHAM -- Durham police fraud investigators have issued a warning about an investment scam that may have snared local consumers.

The Nevada-based fund Gold Quest, which purported to be a foreign exchange trading company, is actually a front for a large-scale pyramid scheme currently being investigation by securities commissions in Canada and the United States, police said.

Investigators have learned past clients are being contacted and advised they can retrieve funds already invested, along with an extra 10 per cent return on that money in return for an application for a "reloadable credit card."

According to police the company's funds are frozen and clients doing more business with the company may be exposed to further losses.

Anyone in Durham who has been victimized by the scam is asked to contact police at 905-579-1520, ext. 5279, or Crime Stoppers at 1-800-222-8477. Information on the affected companies is available at websites www.OSC.gov.on.ca and www.SEC.gov.