New Jersey Residents Told to Beware of Investment Scams on Social Networking and Dating Sites

NEWARK – As cybercriminals continue to find new ways to cash in on increased online traffic during the COVID-19 pandemic, the Bureau of Securities (“the Bureau”) within the Division of Consumer Affairs took emergency action today to stop an online investment scheme targeting users of the professional networking site LinkedIn. The Bureau urges New Jersey residents to beware of “investment opportunities” being offered on social networking and dating websites.

In a Cease and Desist Order issued today and effective immediately, the Bureau revealed that online entities VertexTrade Options (“Vertex”), Zolarex Ltd. (“Zolarex”), and IBPC Corp. (“IBPC”) are violating New Jersey securities law by using fake social media profiles to entice unsuspecting residents to invest in fraudulent financial products. 

Websites for the companies, which purportedly offer trading on a variety of stocks from worldwide exchanges, lure in prospective…