Financial conduct regulator warns public about forex-trading charlatans
Recent warnings and prosecutions have shone a light on the shady world of foreign-exchange-trading con artists
Charlatans dangling carrots of unbelievable returns for trading foreign exchange (forex) on your behalf have been thrust into the spotlight by the Financial Services Conduct Authority (FSCA), which has warned the public to be careful. The FSCA has issued a public warning about unscrupulous con artists masquerading as legitimate forex traders and released information about the prosecution of two con men who posed as forex traders in separate scams. In the first, the regulator warned the public to stay away from Money Moves Forex and Prophet Moral Monareng. Money Moves and Prophet Moral Monareng have been advertising their services on social media using a legitimate financial services provider (FSP) number, 48809, belonging to Lebone Risk Solutions. The FSCA warned that both Money Moves Forex and Prophet Moral Monareng are not associated with Lebone, despite their claims, and that neither is authorised to provide any financial services or give advice in terms of the Financial Advisory...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.