Scammers on the loose

INVESTMENT: FSCA RED-FLAGS SCHEMES

- Ina Opperman

The Financial Sector Conduct Authority (FSCA) has warned consumers to be careful when investing in schemes that promise unrealistic returns and scammers using identities of registered entities.

It names Jacques Adriaan Jordaan, said to be luring consumers with unrealistically high returns on investments.

Jordaan came to the FSCA's attention after a consumer complained that his expected returns had not paid out.

The FSCA investigated and found that Jordaan opened trading accounts with brokers and requested clients to deposit funds into them, which he would use to trade on their behalf to generate the promised returns.

It said profits could not be guaranteed and consumers must view an offer of unrealistic returns with suspicion.