The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when
conducting financial services business with persons purporting to be associated with Prime Investments, a brand grouping for the following Financial Services Providers (FSPs): Prime
Fund Services (Pty) Ltd, FSP No. 42255; Prime Product Services (Pty) Ltd, FSP No. 43521; and Prime Capital Markets (Pty) Ltd, FSP No. 53796 (collectively referred to as “Prime Investments”).
It has come to the FSCA’s attention that the administrators of a Telegram group are using the name of Prime Investments, its brand and staff photos, to promote investments in Bitcoin Mining, Binary Options Trading and Account Management. Prime Investments confirmed that it is not associated with the administrators of this Telegram group.
While the FSCA does not comment on the specifics of the Telegram group’s business, it must be noted that the administrators of the Telegram group are not authorised by the FSCA to provide financial services to members of the public.
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.