SA’s financial regulator has warned the public against investing with 14 people or companies offering financial services without licences.
Almost all claim to be able to provide unrealistic returns to investors.
“None of the entities or persons […] are licensed or authorised under any financial sector law to provide financial products or financial services in South Africa,” the Financial Sector Conduct Authority (FSCA) said.
“To avoid unnecessary risk, the public should not accept any financial advice, assistance or investment offers from persons who are not authorised by the FSCA to conduct financial services.”
The entities are:
1. Forex Royals
2. Forex Trading Investment Company
3. Mr Marshall Ndou (Ndou) and EmpireFX_Nasdaq
4. Forex Trading Investment Platform
5. SkyMt6. Dr Nomalizo Tefu and Reannex Investments
7. UniqueMarket24
8. Mr Sisipho Buthelezi (Buthelezi), also operating under the alias Sisipho Investment
9. News24 Trading Investment
10. Mr Ruan Erasmus
11. RL Consortium (Pty) Ltd
12. Mr Yoel Spector (purporting to be an authorised financial services provider, with FSP number 34185)
13. Power Guarantees (Pty) Ltd
14. Mr Chad Broadbent and Phoenix Forex.
Ishmet Davidson, the CEO of Media24, said neither Media24 nor News24 have any ties or association with News24 Trading Investment.
“Media24 has launched an investigation into a potential trademark infringement by News24 Trading Investment,” he added.
The FSCA said the number of fraudsters operating scams in South Africa is growing.
“The public is advised to be on the lookout for the tell-tale danger signs when dealing with persons offering attractive investment opportunities,” it said.
Reg flags include:
- Unrealistic returns;
- Claims that a person or entity does not require an FSCA licence;
- “Vague information” about the investment product;
- Claims that the investor must act urgently; and
- A requirement to pay money to have an investment returned.
*News24 Business is part of Media24
