The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with individuals claiming to be associated with AT Global Markets SA (Pty) Ltd, also known as ATFX SA (FSP 44816). ATFX SA forms part of a broader group of entities operating under the ATFX brand in different countries.
It has come to the FSCA’s attention that individuals are impersonating Mr Drew Niv, Mr Nick Twidale, Mr Ergin Erdemir, and Mr Graham Morris (who are senior employees of ATFX entities outside South Africa) to solicit investments from members of the public through Bitcoin. These individuals are using a name and logo similar to ATFX SA’s official branding through two Telegram groups titled “ATFX Global Markets SA Limited” and “ATFX Investment Stock (Pty) Ltd”. ATFX SA confirmed that it is not associated with the administrators of the groups.
While the FSCA does not comment on the business activities of these individuals, the FSCA confirms that none of these individuals are not authorised by the FSCA to provide financial services to members of the public. The FSCA is unable to contact them, as there are no available contact details.
The public is strongly urged to exercise caution when considering unsolicited investment or trading offers, especially those communicated through social media. The public is urged to act with care when investing their funds. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations. The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.
These red flags include:
- Unrealistic or exaggerated returns
- Offers made on social media platforms
- Requirements to pay for services upfront
- Requirements to pay more money to have your investments returned
- Requirements to pay for training
- Claims that you must act and pay urgently i.e. creating a sense of urgency
- Vague information about the investment product.
Members of the public may use one of the following methods to confirm whether a service provider or person is authorised to act as an FSP by the FSCA, including to verify their FSP number:
To confirm whether a person or institution is authorised, contact the FSCA on the toll-free number 0800 110 443 or visit https://www.fsca.co.za/Fais/Search_FSP.htm.
Suspicious activities can be reported via the Ethics and Fraud Hotline at 0800 313 626, by email at fsca@behonest.co.za, or online at www.behonest.co.za.