The Financial Sector Conduct Authority (FSCA) has issued a public warning against Invest Consulting Group (ICG).
The watchdog believes the firm, which claims to operate from Hong Kong, to be fraudulent.
It clarified that ICG is not authorised under the Financial Advisory and Intermediary Services Act and is not allowed to offer any financial advice or intermediary services.
The company claims to be an independent advice firm that provides “expert advice” to “build a plan and investment approach based on your needs and goals”, the FSCS said.
ICG’s listed services include securities, investment and wealth management offerings, but the South African watchdog believes the firm is a boiler room-style scheme.
‘Tactics’
The FSCA said: “It is the FSCA’s view that ICG likely employs ‘boiler room’ tactics, such as questionable investments, falsified information and fraudulent or illegal trades.
“Investors are incited to invest on the basis of non-public confidential information which promises high returns if acted upon.
“Regardless of whether or not the activities of ICGL are legitimate, it is the view of the FSCA that the entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.”
