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), for unauthorized deposit-taking activity in British Columbia and has secured a formal undertaking requiring an immediate stop to accepting deposits. BCFSA determined that Nick Financial and its sole director, Ali Nikfarjam, operated a currency exchange program that solicited and accepted consumer deposits promising specific rates of return after a set period, which contravenes the Financial Institutions Act prohibition on carrying on deposit business without authorization. Under the undertaking with the Superintendent of Financial Institutions, Nick Financial committed to return affected consumer funds by 15 November 2025, with repayment confirmation expected by 17 November 2025, and must provide the undertaking to current customers of the program. BCFSA indicated it may take further action as its investigation continues and advised consumers to monitor for updates on potential additional actions or penalties.

Original source View in tracker