The Financial Services Board (FSB), an independent regulatory group operating in South Africa, has issued a warning to the general public urging market participants and individuals to avoid contact or dealings with Clement Maloi, a man claiming to be director at the FSB, according to a group filing.
Mr. Maloi maintains no relation with the FSB and has been making fraudulent calls and pleas to solicit funds. More specifically, Mr. Maloi, whose contact number is + 27-83 510 9964, has been speaking with public individuals, misleading them into believing that they are going to receive a lump sum of cash which has been approved by the South African Reserve Bank’s clearance department.
Did COVID-19 Save the Forex Industry?Go to article >>
In order to receive this payout however, customers are charged a fee, which is illegal solicitation – the payment is said to ‘ensure quick clearance of the remittance’ which was promised to the customer.
It is important to note that the FSB does not require any payment at any time from any customer for compliance services, based on existing laws. The FSB cautions individuals not to engage in any sort of transaction or communication with Mr. Maloi.