Financial watchdog warns against using Dynamite Investment Group
The company, which operates in the Vaal area, solicits investments on the promise of returns of 10% for a one-month investment and up to 40% for a 12-month investment
The regulator of the financial services sector has issued a warning to the public, advising against doing any financial services business with Dynamite Investment Group.
“People who have invested with Dynamite Investment Group have lost their funds without receiving any return on investment,” the Financial Sector Conduct Authority (FSCA) says.
Dynamite Investment Group is not authorised in terms of the Financial Advisory and Intermediary Services Act (FAIS Act) to render any financial advice and intermediary services, the regulator says.
According to the FSCA, the company, which operates in the Vaal area, solicits investments on the promise of returns of 10% for a one-month investment and up to 40% for a 12-month investment.
“The FSCA has reason to believe Dynamite Investment Group is rendering financial services without authorisation. Any entities or individuals rendering financial services without a licence or being appointed as representatives are acting in contravention of the FAIS Act. Such contravention is an offence, which carries a fine not exceeding R10m or a period of imprisonment not exceeding 10 years.”
Consumers are advised to always check on the credentials of any institution or person claiming to be an authorised FSP, before parting with any money. The FSCA can be contacted using the toll-free number 0800-110-443 or online at www.fsca.co.za/Fais/Search_FSP.htm