Act with caution when dealing with OffshoreEast Private Wealth Managers, based in the Far East, the Financial Services Board (FSB) warns.
According to the FSB, a South African man was approached directly by the company and bought shares that turned out to be worthless.
The man made payment to a bank in Hong Kong. He became suspicious when he tried to sell the shares but was told that he needed to make a further payment to “vacate warrants” that had supposedly been applied.
OffshoreEast Private Wealth Managers operates through the website www.offshoreeast.com and boasts offices in Tokyo and Beijing. The company is not registered with the FSB.
The FSB reminds you, before dealing with any local or overseas financial services company, to check whether or not such a company is authorised to render financial services in South Africa, by calling its toll free number, 0800 110 443, or visiting its website, www.fsb.co.za.