FSB issues public warning against certain investment companies

10/26/2017




Investment scams usually involve getting you to put up money for a questionable investment – or one that doesn’t exist at all. In most cases, you’ll lose some or all of your money.

The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll-free number (0800 110 443) or on the website www.fsb.co.za as to whether or not such institution or person is authorised to render financial services.

Just because financial documents look real, do not assume that those companies have been properly registered with the FSB. It is easy for criminals to copy real documents to create unregistered securities for their fake companies."

FSB has been issuing a lot of warnings against a lot of companies that are not registered to with them. Here is a list, don't become a victim.
FSB warns the public against Stockpair.net
The Financial Services Board (FSB) warns the public to exercise caution when dealing with
Stockpair.net which claims to be dealing with binary options. According to information received a South African citizen invested in binary options with Stockpair.net but could not get his funds paid back to him. According to the entity’s website, the entity is located in Estonia and Belize. Stockpair.net is not authorised as a financial services provider in South Africa.

FSB warns the public against Global Election Investments
The Financial Services Board (FSB) warns the public against conducting financial services
business with Global Election Investments (ge-investments) or Bhekimpilo R Ndhlovu. Global
Election Investments (ge-investments) or Bhekimpilo R Ndhlovu are not authorised Financial
Services Providers and the public is warned to exercise caution when dealing with this entity
or person. It has been brought to the Registrar’s attention that Global Election Investments promises
investors returns on their investments of between 14% and 22% per annum.

FSB warns the public against E-Finance Trust Funds (Pty) Ltd
The Financial Services Board (FSB) warns the public to act with caution when dealing with
E-Finance Trust Funds (Pty) Ltd, an entity purporting to be registered as a financial services
provider, and its agents. E-Finance Trust Funds (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.


FSB warns the public against Choice Lifestyle, a division of Agape Free Enterprises (Pty)
Ltd
The Financial Services Board (FSB) warns the public to act with caution when dealing with
Choice Lifestyle, a division of Agape Free Enterprises (Pty) Ltd. The FSB has received information that Choice Lifestyle, a division of Agape Free Enterprises (Pty) Ltd operates as a financial services provider, by offering investment opportunities to clients. Choice Lifestyle, a division of Agape Free Enterprises (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.

FSB warns the public against Capital Financial Management
The Financial Services Board (FSB) warns the public to act with caution when dealing with
Capital Financial Management, an entity purporting to be registered as a financial services
provider using a false FSP number 2005-108941-89, and its agents. The FSB has received information that Capital Financial Management operates as a financial services provider, offering loans of up to R 30 million, at an interest rate of 4.5%. Capital Financial Management is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.

FSB warns the public against Chemmi Holdings trading as Binary Tilt
The Financial Services Board (FSB) warns the public to take caution when dealing with
Chemmi Holdings trading as Binary Tilt which claims to be dealing with binary options.
According to information received a South African citizen invested in binary options with
Binary Tilt but could not get his funds paid back to him. According to the entity’s website, the
entity is located in London, United Kingdom and in St Vincent and the Grenadines.
Chemmi Holdings trading as Binary Tilt is not authorised as a financial services provider in
South Africa.

FSB warns the public against TD Markets
The Financial Services Board (FSB) warns the public against conducting financial services
business with TD Markets, purporting to be registered in UK and Saint Vincent.
TD Markets and/or George van der Riet are not authorised to render financial services in
South Africa and are not representatives of an authorised financial services provider as
required by the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002.

FSB warns the public against Convenient Cash Loans
The Financial Services Board (FSB) warns the public against conducting financial services
business with Convenient Cash Loans. Convenient Cash Loans is not an authorised
Financial Services Providers and the public is warned to exercise caution when dealing with
this entity It has been brought to the Registrar of Financial Services Providers’ attention that
Convenient Cash Loans requires applicants of loans to be registered with the FSB for short
and long term loan. Convenient Cash Loans would then request a fee for such a registration.
The FSB can confirm that Convenient Cash Loans is not associated with it and that the FSB
does not register short and/or long terms loans.

FSB warns the public against Bothaville Finance
The Financial Services Board (FSB) warns the public to act with caution when dealing with
Bothaville Finance, an entity purporting to be registered as a financial services provider.
It was brought to the attention of the FSB that Bothaville Finance after approving a loan
application made by a client, sends out a letter with the name and logo of the FSB and in the
name of Ms Caroline Da Silva (“Ms Da Silva”). In terms of this letter the applicant is
fraudulently led to believe that they need to make a payment of R6 700.00 in order to obtain
certain clearances. The FSB confirms that the said letter is fraudulently sent out in the name of Ms Da Silva and that the FSB has no connection whatsoever to Bothaville Finance. Bothaville Finance is not
an authorised financial services provider.

FSB warns the public against C.Z.Z General Industry (Pty) Ltd operating in Eersterust,
Pretoria
The Financial Services Board (FSB) has received a tip-off that C.Z.Z General Industry (Pty)
Ltd has informed members of the public that it is duly licensed as a Financial Services
Provider. The company purports to assist members of the public to claim pension surplus
benefits due to them as a result of their service with companies in the motor manufacturing
industry. The company also alleges that it can assist former members of pension funds that
are not satisfied with the pension pay-out received when membership with the pension fund
was terminated. The FSB wishes to warn the public against C.Z.Z General Industry Pty Ltd as it is not a registered Financial Services Provider nor is there any agreement with the pension funds in
the motor manufacturing industry for the company to be assisting in any manner with pension
surplus benefits or any other benefits.

FSB warns the public against Bank Used Repos (Pty) Ltd
The Financial Services Board (FSB) warns the public to act with caution when dealing with
Bank Used Repos (Pty) Ltd, an entity purporting to be registered as a financial services
provider, and its agents. Bank Used Repos (Pty) Ltd is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services. The FSB has received information that Bank Used Repos (Pty) Ltd is using a fake FSB certificate to dupe the public into believing that it is a registered FSP, it is not, and is
providing financial services illegally. The copies of the certificate shown to unsuspecting members of the public bear the name of Bank Used Repos (Pty) Ltd and the FSP number of IDA Risk Management (Pty) Ltd, FSP 28260. IDA Risk Management (Pty) Ltd, FSP 28260, is authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advice and intermediary services. IDA Risk Management (Pty) Ltd has indicated to the FSB that it has no connection whatsoever with Bank Used Repos (Pty) Ltd.

Signs of a scam:

  • High returns and low risk
  • Hot tip or insider information
  • Pressure to buy now
  • Seller not registered to sell investments

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