Picture: 123RF/OLEGDUDKO
Picture: 123RF/OLEGDUDKO

Watch out for offers of returns of between 5% and 10% for investments in an entity known as Nedinvest. It is not part of the Nedbank Group and it is not authorised to render financial advice and intermediary services.

This warning was issued by the Financial Sector Conduct Authority (FSCA) today.

A person going by the name of Sam Ferriera is soliciting funds from investors, purporting to act for a company named Nedinvest, according to information received by the regulator.

Ferriera alleges that Nedinvest is part of the Nedbank Group, which is untrue, the FSCA says.

“The Nedbank Group has a subsidiary called Nedinvest; however, this is not the same entity and Ferreira is using the name fraudulently and in order to mislead people,” the regulator says in a media statement.

Ferriera is claiming that Nedinvest offers lump-sum and monthly investments with returns that vary from 5% to 20%, depending on the period invested,” the statement says.

“It is the FSCA’s view that the entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.”

The FSCA has reminded consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA whether the institution or person is authorised to render financial services. This can be done by calling the FSCA’s toll-free number — 0800-110-443 — or visiting www.fsca.co.za