July 15, 2015
iGetMania is technically an investment, according to Canadian authorities responsible for overseeing financial wheelings and dealings of its citizens and companies. Therefore, it should register with the Autorité des Marchés Financiers.
Don’t let the French name confuse you: this is a wing of the Canadian Quebec government taxed with keeping an eye on all sorts of things, from the insurance industry to contracting and securities.
Basically if it involves big money and French-speaking Canadians, the AMF gets involved.
So what’s the AMF’s problem with iGetMania? For starters, the company is not registered with the AMF. And, as they technically do advise people on how to invest their money (i.e in their Global Positioning equipment leasing program), and the investment helps finance the acquisition of the equipment in exchange for a return on that investment, they do fall under the watchful eye of the AMF.
What’s the Big Deal With Registering?
Any time you make an investment, you do so with a known risk in mind. Most investors calculate their risk, then act accordingly. In the back of every investor’s mind is peace of mind that should anything unscrupulous happen with the investment they’ve chosen, somebody’s got their back, and that’s the long arm of the law.
In other words, firms who offer securities (as investments are sometimes called in this context) are held to a professional and legal code of conduct. If they violate the codes and bilk their investors, those investors have recourse. That recourse is whatever governing body their government has put into place to perform that job. They make it possible for investors to sue, when it comes down to it.
But if iGetMania hasn’t registered with the AMF then investors are not actually protected by the securities laws enacted to protect them. It’s kind of like going swimming in the ocean when it says there are rip currents going and there’s no lifeguard on duty.
What Does the AMF Warning Say?
The warning, which is posted on the AMF website, warns investors that iGetMania and its sister operation out of Portugal GetEasy have not filed a prospectus and they are not registered with the AMF.
Not filing a prospectus means they haven’t revealed any of their financials to the AMF for reviewing. By not registering, the AMF has no way to go after these companies when investors incur losses.
While iGetMania and GetEasy haven’t yet broken any laws, the AMF promises to keep an eye on them. It’s deemed as suspicious behavior when an “investment” company fails to register their product. Unregistered companies are considered unauthorized to offer investments.
Lots of iGetMania reviews say that while your remedies are “highly restricted or non-existent”, according the AMF, if you’ve had a problem with iGetMania they encourage you to contact them.
iGetMania sells shares in GPS equipment and LED light bulbs. They pursue growth via a network marketing structure, as shown in this video here, promising lucrative returns and low risk for investors. Investors are promised passive income based on recruiting new members.
They’ve also had some PR issues in the past concerning blocked payments. The company partners with Tachoesy, maker of geotrackers which are marketed and sold through the iGetMania network.