The Financial Services Board (FSB) warns you to be careful when dealing with E-Finance Trust Funds, Stockpair.net and Global Election Investments, none of which is registered to provide financial services in South Africa.
The FSB has received information that E-Finance Trust Funds is using a fake financial services provider certificate to dupe people into believing that it is a registered provider. The entity is believed to be offering loans to consumers. However, before applicants receive the loan, a fee of R3 500, referred to as an origination fee, must be paid.
Stockpair.net claims to deal in binary options. According to information received, a South African citizen invested in binary options with Stockpair.net but could not get his funds paid back to him. According to the entity’s website, it is located in Estonia and Belize.
The third entity, Global Election Investments, or GE Investments, and its representative Bhekimpilo Ndhlovu, is allegedly promising investors returns on their investments of between 14% and 22% a year.
The FSB reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either the toll free number (0800 110 443) or on its website, www.fsb.co.za, as to whether or not such institution or person is authorised to render financial services.