Octodec is using JSE’s name (a licensed Stock Exchange) without any approval, creating an impression that it is affiliated to the JSE and that its activities are approved by JSE when this is not the case.
JSE legal counsel has confirmed that Octodec is not in any way linked to the JSE.
Octodec’s unauthorised use of the JSE trademarks is in contravention of section 4(2) of the FMA which prohibits a person who is not a licensed exchange from purporting to be an exchange or behave in a manner or use a name or description which suggests, signifies or implies that there is some connection between that person and an exchange.
It is the FSCA’s view that Octodec is operating without proper authorisation and is fraudulently using JSE’s names to conduct business and mislead members of the public.
The FSCA urges anyone doing business with this entity to be extremely cautious and always obtain proof of any business dealings for future reference.
The following methods may be used to confirm the status and FSP number of a service provider or a person that claims to be an authorised service provider:
- Toll-free number: 0800 110 443
- Conducting an online search for authorised financial institutions by licence and product category by clicking on this link.
- Conducting an online search for a financial institution that is an authorised financial services provider (FSP) in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act)
What is Fraud? “Fraud” is any activity that relies on deception in order to achieve a gain. Fraud becomes a crime when it is a “knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment” (Black’s Law Dictionary). In other words, if you lie in order to deprive a person or organization of their money or property, you’re committing fraud.