The Financial Sector Conduct Authority (FSCA) has issued a public warning, urging caution when dealing with Forex Venus SA and Mr. Ofentse Maluleke.
The regulator has found that the two are soliciting funds from the public for investments while promising unrealistic returns.
Unauthorised Financial Services
According to the FSCA, Forex Venus SA and Mr. Maluleke are not authorised to provide financial services in South Africa. Despite attempts to contact them, the FSCA could not reach them using available details.
“Unrealistic returns must be viewed with great suspicion,” the FSCA stated.
How They Operate
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Recruiting members via Facebook.
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Offering trading signals and investment services.
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Promising high, unsustainable returns.
How to Protect Yourself
The FSCA strongly advises the public to:
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Verify authorisation status of any financial service provider.
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Check if the FSP number matches the entity’s name on the FSCA database.
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Be wary of unsolicited investment offers on social media.
How to Check Authorisation
Final Warning
Avoid unregistered entities to prevent financial loss. Always confirm an FSP’s legitimacy before investing.
For official updates, visit the FSCA website.
