The Financial Services Board (FSB) warns against dealing with Twala Abram Sibiloane and Brendon Raverndren Naidoo, who are acting as financial services providers under false pretences.
The FSB has received information that Sibiloane is illegally using financial services provider (FSP) number 46855 to dupe people into believing that he is registered to provide financial services. The number is that of JP Markets, an authorised provider.
JP Markets has indicated to the FSB that it has no connection whatsoever with Sibiloane.
Naidoo is also illegally using an FSP number – that of Phoenix Wealth Management, FSP 41200.
Apparently, Naidoo has been inducing individuals to invest in his company, Oracle Wealth, alternatively Apogee Empire Management, on the strength of his affiliation with Phoenix Wealth Management.
Phoenix Wealth Management has confirmed that Naidoo has never been a representative, employee, agent, director or partner of the company. It has also denied any affiliation with Oracle Wealth, alternatively Apogee Empire Management.
You should check whether an institution or person is authorised to render financial services. To do so, phone 0800 110 443 or visit www.fsb.co.za.