The Financial Sector Conduct Authority (FSCA) has issued a warning against a South African financial adviser.
Gerhard Johan Snyman is alleged to have been soliciting money from members of the public promising unrealistically high returns.
The FSCA said that Snyman is not authorised to provide financial advice and intermediary services in the country.
Additional alert
In a separate statement, the FCSA also issued a warning against investment firm Exclusive Empowerment, as it is not authorised under the Financial Advisory and Intermediary Services Act 2002.
The regulator has alleged that Exclusive Empowerment is “soliciting money from members of the public and promising them unrealistic huge returns”.
The financial watchdog had already warned the public against Exclusive Empowerment in April 2019 after it discovered the business was running a Ponzi-like scheme together with another firm, called Chenge Logistics.
At the time, the FSCA managed to obtain a search and seizure warrant as well as cooperate with South Africa’s Financial Intelligence Centre to freeze the firm’s funds in various bank accounts of entities and directors.
