The British Columbia Financial Services Authority (BCFSA) issued a consumer alert as it investigates alleged unauthorized deposit-taking in British Columbia involving Fine Investment Inc., doing business as Nick Financial Investment Inc. (Nick Financial), and its sole director, Ali Nikfarjam. The investigation found the firm offered a program that solicited and accepted consumer deposits promising specified rates of return after a set timeframe, which BCFSA says contravenes section 81(1) of the Financial Institutions Act prohibiting 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, and return all consumer funds received through the program by Nov. 15, 2025, with confirmation of repayment to BCFSA by Nov. 17, 2025. They also committed to provide the undertaking to all current customers involved in the program and to refrain from transferring consumer funds into British Columbia related to the program or similar practices. The investigation remains ongoing, and BCFSA indicated it may take further action under Part 8 of the Act, including potential administrative penalties of up to CAD 50,000 per contravention.

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