The Financial Sector Conduct Authority (FSCA) has issued a list of individuals and entities engaging in illegal unauthorised financial services business.
The FSCA said it had come to its attention that the entities may be rendering financial services to members of the public without being authorised to do so.
“Without commenting on the business of these entities or persons, the FSCA points out that offering financial products or services in South Africa requires authorisation by the FSCA. None of the entities or persons referred to below are licensed or authorised under any financial sector law to provide financial products or financial services in South Africa.”
The authority said financial services business includes advising the public on investing their funds in any manner.
“This is often in the form of offering the public investment opportunities. It also refers to persons dealing with investments of the public in any manner. This includes receiving funds from the public, making investments on behalf of the public and trading in any financial product for or on behalf of the public or enabling the public to trade in financial products.”
There are many fraudsters operating scams, and the number is growing. South Africans loses millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations
Financial Sector Conduct Authority (FSCA)
The FSCA said to avoid unnecessary risk, the public should not accept any financial advice, assistance or investment offers from individuals who are not authorised by the FSCA to conduct financial services.
“Authorised financial services providers must display the fact that they are authorised on their documentation. If this is absent, the public should avoid paying any funds to such a person without investigating it further. The public is urged to act with care when investing their funds.”
The list of persons or entities:
- Mr. Simphiwe Dennis Manana and Pol Empire (Pty) Ltd
- Mr. Hillary Thabiso Mogaladi and Profound Forex Traderz (Pty) Ltd
- Theapool
- Bestgradeoption
- Prime FX Zone
- Signix Ltd trading as Portrades
- Forex Royal Trading
- Mr. Ian Harris, Ms. Stacey van Rooyen and Lifestyle Supplementary Program (Pty)
Ltd - Mr. Albert Nakampe Maenetja and Redbillion Forex
- Globallightmarket
- AGX ZEN
- Mr. Munei Khumalo and 4125 Red Sands Digital Company
- IA-DIGITAL MARKETS
- Century21 Trades
- Mr. Gerald Smith and EagleFX
- Florentin Bertolucci
- Daniela Thompson
- Quispel Michiel
- RETURNPROFITS 247
- Quantum AI
- Nasboyz (Pty) Ltd
- Priven Reddy and his Krypteum
- IMMANUEL KABULO / YANNICK KATENDE (Novatech)
- Modular Advisory Group
- Danex Mega Trade
