Online fraudsters are abusing the names of Brenthurst Wealth’s Magnus Heystek and Brian Butchart, as well as Nicolette Mashile of Financial Fitness Bunny, to solicit money from the public.
The FSCA also warns of scammers impersonating 10X Investments, Prescient, Compsure Insurance, and Viviers Brokers.
Promises of unrealistic returns are clear sign that a scam is afoot.
FSCA also warns about unauthorised funeral policies being sold by a company in the Western Cape.
The FSCA also advises the public to be cautious of World Option Crypto and JoziEx.
The FSCA has issued warnings about individuals and entities promising unrealistic returns while lacking the required authorisation to offer financial services.
Impersonators are using the names of authorised financial firms, Truffle Asset Management and Vista Wealth Management, to defraud people.
AI-generated media make it seem as if one of South Africa’s richest people is endorsing an ‘investment’.
The FSCA says the scammers are also misusing the FSP number of a Bloemfontein-based financial planning business.
The FSCA also alerts the public to individuals who may be providing financial services without authorisation.
An entity must be authorised by the FSCA and the Prudential Authority to issue insurance policies in South Africa.
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