The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when engaging in financial services transactions with individuals purporting to be associated with MeTTa Capital Managers (Pty) Ltd (MeTTa Capital) (FSP 48601) and its directors, Mr Jeffrey Wayne Miller (Mr Miller) and Mr Nicholas Dennis (Mr Dennis).
It has come to the attention of the FSCA that the administrators of a Telegram group are using the name of MeTTa Capital and the names of its directors, Mr Miller and Mr Dennis in order to promote and solicit investments from members of the public. MeTTa Capital has confirmed that it and its directors are not associated with the administrators of this Telegram group. It must be noted that the administrators of the Telegram group are not authorised by the FSCA to provide financial services to members of the public.
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.