Classic Financial creditors see first dividend, just over 6%
The initial payout returns roughly 6 cents on the rand to creditors, with legal costs taking a large slice – but further recoveries may change the final dividend.
#investmentfraud
Syndicates falsely claiming links to JSE and FSCA
Two WhatsApp-based syndicates are misrepresenting links to the JSE and the FSCA and unlawfully soliciting funds.
Authority sounds the alarm on rising impersonation scams targeting investors
With over 40 warnings issued this year, the FSCA is urging the public to steer clear of investment offers on social media that promise unrealistic returns and falsely claim ties to trusted financial brands.
Ramaphosa deepfake scam highlights rising threat of AI-driven investment fraud
Not even South Africa’s president has been spared as scammers use deepfake videos of public figures to promote bogus investment schemes – prompting fresh warnings from the FSCA about social media scams, impersonations, and unauthorised financial services.
FSCA warns of surge in impersonators using fake credentials to scam investors
Fraudsters are posing as the FSCA and licensed financial service providers on social media.
Unauthorised operators masquerade as top firms to promise unrealistic returns
The FSCA warns the public about multiple unauthorised financial scams impersonating trusted brands on social media, urging caution and verification before investing.
Ponzi scheme operator sentenced to 10 years for crypto fraud
Five investors sought to recover their money, but the High Court ruled their funds were part of an illegal operation and must be forfeited to the state.
Deepfake deception and social media scams: the seductive face of investment fraud
From impersonating financial institutions to AI-generated videos of trusted figures, fraudsters are exploiting technology and social networks to steal investors’ hard-earned money.
The dark side of digital romance: how ‘pig butchering’ scams are targeting daters
From fake love to stolen funds, romance scams powered by AI and cryptocurrency are on the rise – find out how to protect yourself from this growing threat.
Life insurers, investment companies report a 46% surge in fraud and dishonesty
The industry lost at least R175.9 million last year but prevented losses of R1.5 billion through enhanced detection efforts, says ASISA.
Fraudsters impersonate FSCA commissioner in latest scam
The FSCA also reiterates its warning against Donafin, which continues to charge fees for unauthorised financial services.
Entity falsely claims to be associated with MiWay Insurance
FSCA warns about Miway Express Credit Solutions, as well as entities and individuals who are impersonating legitimate FSPs.
Steinhoff’s fall: former CFO Ben la Grange sentenced
La Grange was sentenced to 10 years in prison, with five years suspended contingent on his co-operation with the State in future cases involving Steinhoff’s executives.
Two ‘enablers’ of BHI Trust Ponzi scheme hit with 30-year debarments
Craig Warriner’s confession to orchestrating a massive Ponzi scheme has led to 30-year bans for Global & Local’s Michael Haldane and Mauro Forlin.
