FSB warns public about four companies

THE FINANCIAL Services

Board (FSB) recently issued a warning against DMD Capital, trading as Profit Trading, and its representative, Ntokozo Ndlovu.

The FSB says Profit Trading is an unregistered business and is providing advisory and intermediary services without authorisation. Profit Trading’s licence was withdrawn in September 2016.

The FSB also warns against dealing with the following loan and trading operations, which are also not authorised to provide financial services in South Africa and which may be high-risk:

• Capital Loans. According to information received by the

FSB, Capital Loans purports to be a financial services provider. It appears to be offering personal and other types of loans to the public, on the internet and via email.

• Stockpair.net. This website claims to deal in binary options. According to information received by the FSB, a South African citizen invested in binary options with Stockpair.net but could not get his funds paid back to him. The entity’s website states that it is located in Estonia and Belize.

• MD Funds. This operation claims to participate in forex trading. According to a Facebook post in 2016, MD Funds offers daily returns of 0.75% to 1.5%, and an investor may make monthly withdrawals. Investments from

R10 000 to R250 000 are solicited. MD Funds alleges to be a registered company “under all the laws of South Africa”. However, according to the FSB’s records, the company is not an authorised financial services provider.

The FSB reminds you that, if you want to conduct financial services with an institution or person, you should check beforehand whether or not such institution or person is authorised to render financial services. Phone the FSB on its tollfree number (0800 110 443) or visit www.fsb.co.za