The Financial Sector Conduct Authority (FSCA) has issued a public warning against J532-NBSG Stock Discussion Group, which falsely claims to be linked to Nedbank or Nedbank Stockbrokers.
The FSCA revealed that J532-NBSG administrators are soliciting funds through Facebook and WhatsApp, luring victims with a “beginner’s trading course” under Nedbank’s name.
Once signed up, members are added to a WhatsApp group displaying Nedbank’s logo, where they receive trading tips and offers of a “10% discount on block trades.”
“Nedbank has confirmed this group is fraudulent and using its branding illegally,” the FSCA stated.
The FSCA emphasised that J532-NBSG is NOT authorised to provide financial services in South Africa.
“Offering financial products without FSCA approval is illegal,” the regulator warned.
Key Red Flags:
- Fake association with Nedbank
- Unauthorized trading offers on social media
- No FSCA registration
How to Verify Legitimacy:
✔ Call FSCA’s toll-free line: 0800 110 443
✔ Check authorized entities online:
“Always verify before investing—scammers prey on trust,” the FSCA urged.
