The Ontario Securities Commission has issued a Mining City securities fraud warning.

The OSC added Mining City to its warning list on December 14th.

As per the regulator;

Mining City, offering investment services on its website, is not registered in Ontario to engage in the business of trading in securities.

This is the equivalent of a securities fraud warning issued in other jurisdictions.

Mining City is believed to be owned by Eyal Avramovich. The company is run out of Poland by Avramovich’s former employee, Gregory Rogowski (right).

In October the Philippine SEC banned Mining City, confirming both it was committing securities fraud and running a Ponzi scheme.

Alexa web traffic estimates reveal Mining City is currently primarily active in South Africa, Japan and Argentina.

The same web traffic data shows a decline in visitors to Mining City’s website beginning mid September.

This coincides with the Philippine SEC’s initial Mining City securities fraud warning, issued on September 10th.