FSCA warns the public against an individual impersonating FOREXTIME LTD

01 July 2021 The Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Sibonokuhle Gaveni. Mr Gaveni is suspected of breaches of financial sector laws, including fraudulently claiming to represent FOREXTIME LTD, an authorised financial services provider (FSP number 46614) to solicit investments from the public.

According to FOREXTIME LTD, this individual is using the brand and trademark without permission. Additionally, no relationship exists between FOREXTIME LTD and Mr Gaveni.The FSCA points out that the returns promised by Mr Gaveni are unrealistic and the FSCA has received complaints of investors not being able to recover their funds after making deposits to him.

Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. The FSCA reminds customers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on whether such institution or person is authorised to render financial services.

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