Financial Sector Conduct Authority in South Africa Warned 7 Unauthorized Entities in September

The Financial Sector Conduct Authority in South Africa (FSCA) released seven warnings against unauthorized financial firms in September. None of these companies, entities, or individuals have been authorized by the FSCA. There are also entities that have misused the information of registered companies.

The regulator reminds the public that any entity carrying on financial services-related business in South Africa should be registered with the regulator and comply with the relevant financial laws.

A WhatsApp Group purporting to be Ashburton Investments

According to Ashburton (FSP registration number 40169), an FSCA registrar, a WhatsApp group is using the company's name to lure the public to invest. People who join the group chat are urged to click on a link to fill out a form and are then asked to transfer money.

Ashburton confirmed to the regulator that the registered company had nothing to do with the group chat and did not advise the public to participate in the investment.

Presidential Blues FX (Presidential)

Presidential promises unrealistic returns to the public and defrauds the public of money. However, it is not authorized by any financial laws to market financial products or services.

Green Capitalz Pty Ltd (Green Capitalz)

Green Capitalz claims on its website that it is licensed and authorized by the FSCA, and also states that its subsidiary, Pro-marketing Ltd, has the registration of the regulatory authority in the Dominican Republic under number 46886.

But South Africa's FSCA denied that the registration number 46886 belongs to Green Capitalz, noting it belongs to another company, Marnic Financial Consultants (Pty) Ltd. And, the registered company has confirmed to the regulator that it has no relationship with Green Capitalz. As a result, FSCA believes Green Capitalz is conducting an unregistered financial services business.

A group of entities impersonating JSE Private Placement (Pty) Ltd

The FSCA in South Africa cautions the public not to conduct financial services-related activities with entities including K2020052565 (South Africa), SPCG INC, and Nkosana Fanny Stanford Shongwe. They pretend to be a registered company, JSE Private Placement (Pty) Ltd (JPP) and intend to defraud the public.

These entities use JPP's registered trademarks, claim to be representatives of the company, and also claim to be authorized financial services company. But JPP confirmed that these entities have no connection with it. So the regulator believe that these entities are conducting unregistered financial services business.

A fraudulent scam run by individuals purporting to be from Rezco Asset Management (Pty) Ltd

South Africa's FSCA warns the public to be cautious about a fraudulent Telegram scam. The individuals running the scam claimed to be from Rezco Asset

Management (Pty) Ltd (Rezco).

The regulator received information from Rezco, a registered financial services provider, that it had discovered on Telegram a fraudulent scheme that illegally used the company's name and logo, which lured South Africans into asking about opening investment accounts.

Rezco determines that it is not related to these individuals and groups and does not recommend that the public open an investment account on Telegram.

Autospot Financial Services and Easyfin Financial Brokers

Autospot Financial Services (Autospot) and Easyfin Financial Services (Easyfin) have caught the attention of the South African regulator.

Autospot claims to be an authorized financial services provider and falsely uses the registration number of Chilli Blu Consulting's (Pty) Ltd. Autospot's subsidiary Easyfin similarly misuses the registration number of Iemas InsuranceBrokers (Pty) Ltd (Iemas). Chilli Blu and Iemas have denied any connection between the two companies.

Super Forex Investments (Pty) Ltd

Super Forex offers investment opportunities through WhatsApp and promises unrealistically high returns. However, the FSCA noted that the company was not authorized by the regulator.