The Financial Sector Conduct Authority (FSCA) hereby warns the public to exercise caution when conducting financial services business with Mr Joash Naidoo (“Mr Naidoo”).
The FSCA received information indicating that Mr Naidoo is soliciting funds from members of the public for investment purposes. Mr Naidoo is reportedly offering copy trading services and trading signals in forex. It is claimed that an investment of R1 000 may yield a return of R16 000 within 24 hours. According to information received, Mr Naidoo claims on his social media account to be associated with TD Markets (Pty) Ltd (FSP 49128).
TD Markets has confirmed that it is not associated with Mr Naidoo. The FSCA confirms that Mr Naidoo is not authorised in terms of any financial sector law to provide financial services to the public. Furthermore, Mr Naidoo did not respond to FSCA enquiries.
To avoid unnecessary risk, the public is advised not to accept financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA. Authorised financial services providers are required to clearly display their authorisation status in their documentation. Where this is absent, individuals are encouraged to verify authorisation directly with the FSCA prior to making any payments.
The public is strongly urged to exercise caution when considering investment or trading offers, particularly those made via social media or received unsolicited.
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.