SA Financial Services Board warns against fraudulent service providers

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South Africa’s Financial Services Board (FSB) has warned that four institutions offering services to the public were not authorised.

In a statement, the FSB said people should take caution when dealing with MD Fund, which claimed to participate in forex trading, Stockpair.net which purported to deal in binary options, DMD Capital trading as Profit Trading and Capital Loans.

It said a Facebook post made during 2016 said MD Funds offered daily returns of 0.75 percent to 1.5 percent.

But the company was not an authorised financial services provider despite telling potential clients it was registered under all the laws of South Africa.

The FSB said a South African citizen had invested in binary options with Stockpair.net but could not get his funds back.

According to the entity, it is located in Estonia and Belize. It is however not authorised in South Africa.

In a similar case, Profit Trading and Ntokozo Ndlovu were conducting an unregistered business and providing advisory and intermediary services without the necessary authorisation. Profit Trading’s licence was withdrawn on 02 September 2016.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 15 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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