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FSB warns against Marc PH Investments

Personal Finance

The Financial Services Board (FSB) advises you to act with caution when dealing with Marc PH Investments, an entity soliciting money from investors.

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Marc PH Investments is not authorised in terms of the Financial Advisory and Intermediary Services (FAIS) Act to render financial advice and intermediary services.

According to a statement released by the regulator, the FSB has received information that Marc PH Investments, a company owned by Marcus Mpho Mokone, is soliciting investments. Investors are promised that their money will be invested for a maximum period of three weeks and that they will be paid “profits”.

At the expiry of the contracts, the company has failed to pay investors as promised, and has sent a letter to them purporting to be from the FSB. In the letter, the FSB instructs Marc PH Investments to instruct investors to pay clearing fees of R2 500 or more to the company before they are eligible to receive their profits. Attached to a letter is fraudulent proof of payment from First National Bank, reflecting that the investors’ money, which is awaiting payment of clearing fees before being cleared, has been paid into their accounts.

The FSB states that it does not approve payments in respect of investments and would never require any member of the public to pay a “clearance fee”. It says the letter is fraudulent.

The regulator says that if you want to conduct financial services with an institution or individual, you should check beforehand with the FSB on either its toll free number (0800 110 443) or its website (www.fsb.co.za) as to whether or not such institution or individual is authorised to render financial services. – Staff Reporter

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