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Don't fall for promises of high returns from latest investment scam, warns FSCA

14 January 2021 8:19 PM
Tags:
Financial services
The Money Show
Bruce Whitfield
Financial Sector Conduct Authority
FSCA
Brandon Topham
FSCA warning
Hlengiwe Ngcobo
Christian Barnley Hamilton
Cyber FX Investments Inc.

A new scam is surfacing on Facebook and WhatsApp groups. The masterminds are even using the FSP number of a legitimate company.

The Financial Sector Conduct Authority (FSCA) is warning the public not to fall for a new investment scam promising high returns.

It says two individuals calling themselves Hlengiwe Ngcobo and Christian Barnley Hamilton are conducting unauthorised financial services on Facebook

The pair are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and/or intermediary services, it says.

© Jacek Dudzinski/123rf.com

Hlengiwe Ngcobo and Christian Barnley Hamilton ask people to invest in their company named Cyber FX Investments Inc, promising high returns on investments. It is the FSCA’s view that Hlengiwe Ngcobo and Christian Barnley Hamilton are conducting unregistered business because they are providing advisory and intermediary services without the necessary authorisation.

FSCA statement

On The Money Show, Bruce Whitfield interviews Brandon Topham, the FSCA's Divisional Executive for Investigations and Enforcement.

Effectively, what these two individuals are doing, is running a WhatsApp and Facebook scam says Topham.

Put in money and you'll start to double it - It's a very common scheme that's happening at the moment in South Africa on WhatsApp and Facebook groups.

Brandon Topham, Divisional Executive: Investigations and Enforcement - FSCA

What they often tell the public is that the money's being invested in something like a cryptocurrency. Mirror Trading [International] did something similar.

Brandon Topham, Divisional Executive: Investigations and Enforcement - FSCA

The hype around crypto price surges is often used as bait.

This is good old-fashioned Ponzi: Take money from Peter and pay Paul. It is more common now using crypto because it's easier to transfer the money internationally. Also the tracking of it is more difficult.

Brandon Topham, Divisional Executive: Investigations and Enforcement - FSCA

Hlengiwe Ngcobo and Christian Barnley Hamilton are even using the FSP number that belongs to a legitimate company.

Misrepresenting yourself as an FSP is a separate criminal offence, says Topham.

People should not invest in something they don't understand, he emphasizes.

Also check whether a financial services provider is registered with the FSCA.

Find more info on the authority's website.

For more detail, listen to the interview below:


This article first appeared on 702 : Don't fall for promises of high returns from latest investment scam, warns FSCA




14 January 2021 8:19 PM
Tags:
Financial services
The Money Show
Bruce Whitfield
Financial Sector Conduct Authority
FSCA
Brandon Topham
FSCA warning
Hlengiwe Ngcobo
Christian Barnley Hamilton
Cyber FX Investments Inc.

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