The Financial Sector Conduct Authority (FSCA) advises the public to exercise caution when conducting financial services business with Mr Michael Jacobs (Mr. Jacobs) and AMFX Solutions (AMFX).
It has come to the attention of the FSCA that Mr. Jacobs and AMFX are soliciting funds from members of the public for investment purposes, while promising unrealistic returns.
Mr. Jacobs is reportedly offering investment opportunities to members of the public, where members of the public are encouraged to “Invest and enjoy 300% profit, receivable every month for 6 months!”. The FSCA cautions that promises of unrealistic returns should be treated with great suspicion.
While the FSCA does not comment on the specifics of Mr. Jacobs and AMFX’s business, it must be noted that neither Mr. Jacobs nor AMFX are authorised in terms of any financial sector law to provide financial services to the public in South Africa. Mr. Jacobs and AMFX were not available for comment.
To avoid unnecessary risk, the public should refrain from accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA.
Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments
The public is strongly urged to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers. 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.
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.