The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with Mr Renzo Marco Torrente and two entities associated with him, namely, Omne Digital Wealth Management Solutions (Omne Digital).
The FSCA received information that Mr Torrente is soliciting funds from members of the public for investment purposes on Instagram. Mr Torrente is reportedly offering investments in crypto assets to members of the public.
Without commenting on Mr Torrente’s business, the FSCA confirms that Mr Torrente and Omne Digital are not authorised by the FSCA to provide financial services to members of the public. Mr Torrente informed the FSCA that he ceased his operations prior to the FSCA declaring Crypto Assets a financial product. The FSCA is considering the allegations and Mr Torrente’s submissions.
To avoid unnecessary risk, the public should refrain from accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA. Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments.
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.