The Financial Sector Conduct Authority (FSCA) is warning the public to exercise caution when conducting financial services business with persons claiming to be associated with JSE Private Placements (Pty) Ltd (JSE Private) (FSP number 51709).
It has come to the FSCA’s attention that an entity known as AI JSE Pro is using the FSP number of JSE Private to promote investments. The FSP number of JSE Private is reflected in AI JSE Pro’s communications with members of the public, from whom investments are solicited. JSE Private has confirmed that it is not associated with AI JSE Pro.
While the FSCA does not comment on the specifics of AI JSE Pro’s business, it must be noted that AI JSE Pro is not authorised by the FSCA to provide financial services to members of the public. Despite efforts to make contact, the FSCA was unable to reach AI JSE Pro for comment.
The FSCA reminds the public that anyone offering financial products or services in South Africa must be authorised in terms of the applicable financial sector legislation. These impersonators are not licensed or authorised to provide any financial services or products in the country
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.