The British Columbia Financial Services Authority (BCFSA) issued a consumer alert following an ongoing investigation that found Fine Investment Inc., operating as Nick Financial Investment Inc. (Nick Financial), and its sole director, Ali Nikfarjam, solicited and accepted consumer deposits promising specified returns after a set timeframe without authorization. BCFSA determined the activity contravened section 81(1) of British Columbia’s Financial Institutions Act, which prohibits conducting deposit business without proper authorization. Under an undertaking, Nick Financial and Nikfarjam agreed to immediately cease the program and similar deposit-taking activities, stop marketing or representing that Nick Financial is authorized to conduct deposit business in British Columbia, return all consumer funds received through the program by 15 November 2025 and confirm repayment to BCFSA by 17 November 2025, provide the undertaking to all current customers involved in the program, and refrain from transferring consumer funds into British Columbia related to the program or similar practices. The investigation remains ongoing, and BCFSA noted it may take further action under Part 8 of the Financial Institutions Act, including the possibility of administrative penalties of up to CAD 50,000 per contravention.
British Columbia Financial Services Authority 2025-10-03
British Columbia Financial Services Authority issues consumer alert and undertaking to stop Nick Financial’s unauthorized deposit-taking program
The British Columbia Financial Services Authority (BCFSA) issued a consumer alert against Fine Investment Inc., operating as Nick Financial Investment Inc., and its director, Ali Nikfarjam, for unauthorized deposit-taking activities. The firm agreed to cease operations, return consumer funds, and stop misrepresenting its authorization status. The investigation is ongoing, with potential penalties of up to CAD 50,000 per contravention.