The B.C. Financial Services Authority (BCFSA) has issued a consumer alert following an investigation into unauthorized deposit-taking activity by Fine Investment Inc., doing business as Nick Financial Investment Inc., and its sole director, Ali Nikfarjam.
According to the alert, BCFSA’s review found that Nick Financial offered a program in which it solicited and accepted consumer deposits with promises of specific rates of return after a set period. This type of activity is considered deposit-taking under the Financial Institutions Act (FIA) and is illegal without proper authorization.
Nick Financial and Nikfarjam have agreed to a formal undertaking with the Superintendent of Financial Institutions. Under this agreement, they must immediately stop the deposit program and any similar activities, stop marketing themselves as authorized deposit-taking entities in B.C., and return all consumer funds received through the program by November 15, 2025. Repayment confirmation must be sent to BCFSA by November 17.
The undertaking also requires Nick Financial to provide a copy of the agreement to all current customers involved in the program and to refrain from transferring consumer funds in connection with the program or similar practices.
BCFSA cautions consumers not to deposit any further funds under any program promising a specific rate of return or interest within a set timeframe. Consumers who have already participated in the program should expect refunds, and BCFSA encourages them to watch for communication from Nick Financial regarding repayment and the undertaking.
“The undertaking is designed to ensure corrective action is taken and that consumers are protected,” BCFSA stated in its alert. “Affected individuals should receive their funds by the specified date, and any concerns should be reported directly to our office.”
The investigation is ongoing, and BCFSA has the authority to impose further administrative penalties of up to $50,000 per contravention under the FIA. BCFSA emphasizes that individuals should monitor its website for updates regarding further actions, penalties, or additional guidance related to this investigation.
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