The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution regarding a company or individual using the name of Salvo Capital (Pty) Ltd, an authorised Financial Services Provider (FSP) with FSP number 8106, on Instagram and other social media platforms in relation to investments. The same entity has previously circulated content on other platforms, falsely promising investment returns of up to 200 percent. The FSP’s logo is also being used in these messages. Salvo Capital (Pty) Ltd is not aware of these communications and is not associated with any of the individuals mentioned therein.
Salvo Capital (Pty) Ltd has confirmed to the Authority that the company or individual in question is in no way associated with it, and that it has never appointed nor had any dealings with the said party.
The FSCA urges the public to exercise caution regarding scams conducted through messaging services and various social media platforms, as such incidents are increasing.
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.