Regulator warns public against firm promising get rich quick scheme

SA's financial regulator has warned the public to stay away from a firm called African Wealth Share which is promising astronomical returns to investors.

In a statement on Tuesday, the Financial Sector Conduct Authority (FSCA) said African Wealth Share was not authorised to give any financial advice.  

While the site's website states it is affiliated with Wealth Associate Financial Advisors, an authorised financial services provider, there is no connection between the two. 

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"Wealth Associate Financial Advisors has confirmed that African Wealth Shares is not affiliated with them. It is the FSCA’s view that African Wealth Shares is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation."

The group's website makes heavy use of testimonials by alleged clients. It states that if R1000 is invested, within just 30 days this will grow to R8000. 

The registrant of the person or group that created the website is domain protected, meaning it is not possibly to see who registered it.