The Financial and Consumer Services Commission of New Brunswick (FCNB) issued a fraud warning on June 24th concerning LSSC, or Lightning Scooter Shared Company. This warning alerts New Brunswick residents that LSSC is not registered to deal or advise in securities within the province.
Offering unregistered securities to residents constitutes a violation of Canadian financial laws. LSSC is identified as a Chinese Ponzi scheme that operates through a mobile application. This operation utilizes various company names to mask its activities.
Associated corporate entities include Lighting Shared Scooter Limited, LSSC Canada Inc., LSC Edmonton Ltd., LSSC Marketing Inc., and LSSC Expansion #1 Inc. These are all connected to the same "click a button" app Ponzi. The scheme also employs numerous website domains, such as thelssc.com, lssc-canada.ca, and lssce.com, among others. It is likely that LSSC operates under additional unregistered company names and web addresses.
Canadian regulators in other provinces have also issued warnings about LSSC. British Columbia and Alberta financial authorities have previously alerted their residents to LSSC's fraudulent activities. This coordinated action by provincial regulators highlights a pattern of unregistered securities offerings and potential investor harm.
Investors in New Brunswick should be aware that any unregistered securities offering is illegal. The FCNB's warning serves as a critical alert to protect consumers from potential financial losses. Residents who have engaged with LSSC or similar unregistered entities should contact the FCNB for guidance.