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FSCA warns the public against Nedinvest

Publish date: 10 May 2019
Issue Number: 70
Diary: CompliNEWS
Category: Alert

The Financial Sector Conduct Authority (FSCA) would like to warn the public to act with caution when dealing with Nedinvest. Nedinvest is not authorised in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act), to render any financial advice and intermediary services.

The FSCA received information that there is a person soliciting funds from people, purporting to act for a company named Nedinvest (Pty) Ltd (Nedinvest). The person, Sam Ferreira, alleges that Nedinvest offers lump sum and monthly investments with returns which vary from 5% to 20% depending on the period invested. The person alleges that Nedinvest is part of the Nedbank Group, which is untrue. The Nedbank Group has a subsidiary called Nedinvest (Pty) Ltd. However, this is not the same entity and Sam Ferreira is using the name fraudulently and in order to mislead people.

Full FSCA media release

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