The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with individual(s) using the name of Mr David Aserkoff (Mr Aserkoff), whilst claiming to be a representative of JP Morgan Chase Bank, Johannesburg Branch (JP Morgan) with FSP number 7795.
It has come to the FSCA’s attention that Mr Aserkoff is allegedly using the name of JP Morgan to solicit and promote investment opportunities to the public via WhatsApp and through a platform operating under the name “JP Wealth Growth Study Group.” He reportedly invites members of the public to invest in what is presented as discounted stock offerings. JP Morgan has confirmed that it is not associated with the administrators of the WhatsApp Group or Mr Aserkoff.
While the FSCA does not comment on the specific business model or services offered on the platform, it is important to note that the administrator of this platform is not authorised under any financial sector law to provide financial services to the public. Mr Aserkoff and the administrators of the WhatsApp Group failed to respond to FSCA queries.