Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.

Nick Financial Investment Inc. Under Investigation for Unauthorized Deposit-taking Practices
Couple looks at finances at home close up

Nick Financial Investment Inc. Under Investigation for Unauthorized Deposit-taking Practices

This consumer alert is for people who may have deposited money with Fine Investment Inc., doing business as Nick Financial Investment Inc. (Nick Financial).

B.C. Financial Services Authority (BCFSA) is currently investigating Nick Financial regarding unauthorized deposit-taking activity in B.C.

BCFSA has determined that Nick Financial and its sole director, Ali Nikfarjam, conducted business as a currency exchange program that involved the solicitation and acceptance of consumer deposits that promised specific rates of return after a set period of time. This activity contravenes the Financial Institutions Act (FIA), which prohibits carrying on deposit business without proper authorization.

Nick Financial and Nikfarjam have signed a formal agreement with the Superintendent of Financial Institutions to immediately stop accepting deposits under this and similar programs. This agreement—called an undertaking—may be used when a company has not with complied the law and commits to taking corrective action.

Key actions for impacted consumers:

  • Do not deposit any funds with Nick Financial or Nikfarjam under any program that promises a specific rate of return or interest after a given timeframe.
  • Expect a refund: If you currently have money on deposit with Nick Financial under this type of program, Nick Financial has committed to returning these funds to affected consumers by Nov. 15, 2025. You should receive confirmation of repayment by Nov. 17, 2025.
  • Watch for communication: Nick Financial is required to provide a copy of the undertaking to all current customers of the program. If you were involved, you should receive the document directly.
  • Stay informed: Monitor BCFSA’s website for updates about further actions or penalties related to this investigation.
  • Report concerns: If you do not receive your funds or have questions about your involvement, contact BCFSA via email or phone 604-660-3555 (toll-free: 866-206-3030).

Additional Information

About BCFSA

B.C. Financial Services Authority is the province’s regulator for the financial services sector that helps to protect British Columbians during some of the most important financial decisions of their lives. As a Crown agency of the Government of British Columbia, BCFSA oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, and real estate development marketing. BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). BCFSA’s mission is to instill confidence in the financial services sector by focusing on the safety and soundness of regulated entities and consumer protection through effective market conduct monitoring.

Media contact:

Lindsey Norris
Communications Manager, media@bcfsa.ca
Visit: www.bcfsa.ca

News releases