The Financial Services Board (FSB) has warned against dealing with Johannesburg investment guru Jacques Magliolo and his company, Business Consultants International (BCI).
According to the FSB, Magliolo and BCI advised clients to invest in United States oil options, among other things. It says preliminary investigations into BCI and Magliolo found that clients’ funds were used for purposes other than investments in oil options, which are derivatives, or in other financial products.
The FSB says neither BCI nor Magliolo is authorised to provide intermediary services, including advising on derivatives.
Magliolo is the author of several popular books on investing, including Richer than Buffett, The Millionaire Portfolio and Become Your Own Stockbroker.
The FSB also warns against investing with Chemmi Holdings, trading as Binary Tilt, which claims to be dealing in binary options. According to information received by the FSB, a South African citizen invested in binary options with Binary Tilt but could not get his funds paid back to him.
According to the entity’s website, it has offices in London, St Vincent and the Grenadines.
Binary Tilt is not an authorised financial services provider in South Africa.