The Financial Sector Conduct Authority (FSCA) has warned investors in South Africa to not deal with an individual using social networking app WhatsApp claiming to be Keillen Ndlovu.
Ndlovu is the head of listing property at asset management firm Stanlib.
The FSCA was informed that an individual has been claiming to be Ndlovu and is asking investors on WhatsApp to make investments.
Stanlib has confirmed to the FSCA that the WhatsApp account does not belong to the firm or Ndlovu.
The FSCA believes that the “individual using the WhatsApp account is operating without authorisation and fraudulently using Stanlib’s and Ndlovu’s name to solicit funds from consumers”.
Check register
The FSCA said in a statement: “Members of the public should always check that an entity or individual is registered with the FSCA to provide financial advisory and intermediary services and what category of advice it is that the entity is registered to provide.
“There are instances where persons are registered to provide basic advisory services for a low risk product and then offer services of a far more complex and risky nature.”
