The British Columbia Financial Services Authority (BCFSA) issued a consumer alert stating it is investigating Fine Investment Inc., doing business as Nick Financial Investment Inc. (Nick Financial), and its sole director, Ali Nikfarjam, for unauthorized deposit-taking activity in British Columbia, and that the firm has agreed to immediately stop accepting deposits. BCFSA determined that Nick Financial operated a currency exchange program involving the solicitation and acceptance of consumer deposits that promised specific rates of return after a set period of time, which it says contravenes the Financial Institutions Act prohibition on carrying on deposit business without authorization. Under an undertaking signed with the Superintendent of Financial Institutions, Nick Financial and Nikfarjam must cease accepting deposits under this and similar programs, provide a copy of the undertaking to current customers, and return affected consumer funds by 15 November 2025, with confirmation of repayment by 17 November 2025. BCFSA advised consumers not to deposit funds with Nick Financial or Nikfarjam under any program promising a specific rate of return or interest after a given timeframe, and said it may publish updates on further actions or penalties as the investigation proceeds.
British Columbia Financial Services Authority 2025-10-03
British Columbia Financial Services Authority investigates Nick Financial for unauthorized deposit-taking and secures undertaking to stop accepting deposits
The British Columbia Financial Services Authority (BCFSA) is investigating Fine Investment Inc., also known as Nick Financial, and its director, Ali Nikfarjam, for unauthorized deposit-taking activities. Nick Financial has agreed to cease accepting deposits and must return consumer funds by mid-November 2025. BCFSA advises consumers against depositing funds with Nick Financial under programs promising specific returns.