FSB ISSUES WARNING
The Financial Services Board (FSB) has issued a warning that Marc PH Investments has been soliciting money from unsuspecting individuals.
According to the FSB, Marc PH Investments, which is owned by Marcus Mpho Mokone, is approaching members of the public to invest money with the company for three weeks with promises the money will accrue profits that will be added to their investments.
But at the end of this time, the company fails to pay the investors as promised. Instead, it sends them a letter trying to solicit more money by purporting that the FSB has instructed Marc PH Investments to tell clients to pay clearing fees, ranging from R2 500 or more, before profits can be unlocked. Attached to this correspondence to investors is fraudulent proof of payment from FNB reflecting that the investors’ money has been paid into their accounts.
The FSB said it was not in any way affiliated to Marc PH Investments or Marcus Mpho Mokone, and the company is not approved by it.
If you are unsure of whether an investment offer is legitimate, you can check with the FSB by calling 0800 110 443.
FNB REIMBURSES CUSTOMERS
Rand Merchant Bank (RMB) has listed South Africa’s first US Treasury Bond Custodial Certificates exchange-traded fund (ETF) on the JSE, which enables investors to earn US dollar-linked returns. The product is called the Dollar Custodial Certificate ETF.
ETFs are investment products that track the value of a basket of shares or other assets such as bonds and commodities.
“The Dollar Custodial Certificates ETF offering is RMB’s second custodial certificates listing on the JSE, the first being our Krugerrand Custodial Certificates ETF. Both of these ETFs are suitable for individual as well as institutional investors. They both allow investors to save in an international asset that offers inflation-beating real returns in US dollar,” says Ebrahim Patel, an alternative asset specialist at RMB.
The investment capital credit exposure of this ETF is directly linked to the Federal Reserve, and investment performance will be affected by the dollar-rand exchange rate and the price performance of US Treasury bonds.
This ETF listing brings the total number of ETFs listed on the JSE to 50, with a total market capitalisation of more than R69 billion.