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Investigation Highlights Unauthorized Deposit Program at Fine Investment Inc.
B.C. Financial Services Authority (BCFSA) has issued a consumer alert in response to an ongoing investigation into unauthorized deposit-taking activity in B.C.
BCFSA’s investigation found that Fine Investment Inc., doing business as Nick Financial Investment Inc. (Nick Financial), and its sole director, Ali Nikfarjam, offered a program to the public in which it solicited and accepted consumer deposits with the promise of specified rates of return after a set timeframe. This activity contravenes section 81(1) of the Financial Institutions Act (FIA), which prohibits deposit business without proper authorization.
Nick Financial and Nikfarjam have agreed to an undertaking under the FIA in which they commit to the following actions:
- Immediately cease the program and similar deposit-taking activities with the promise of return with interest at a specific timeframe;
- Stop marketing or representing that Nick Financial is authorized to conduct deposit business in B.C.;
- Return all consumer funds received through the program no later than Nov. 15, 2025, and confirm repayment to BCFSA by Nov. 17, 2025;
- Provide a copy of the undertaking to all current customers involved in the program; and
- Refrain from transferring consumer funds into B.C. related to the program or similar practices.
The investigation remains ongoing. BCFSA may take further action under Part 8 of the FIA, which includes the possibility of administrative penalties of up to $50,000 per contravention.
Consumers who have participated in the program or have concerns are encouraged to read the Consumer Alert.
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.
Media contact:
Lindsey Norris
Communications Manager, media@bcfsa.ca
