CAPE TOWN – The Financial Services Board (FSB) on Monday issued a warning to the public about a company calling itself Capital Management Private Wealth. It noted that Capital Management was claiming to have been issued with FSP number 43057, but that this number was in fact linked to a different business, called Courtney Capital Management.
“The FSB can confirm that Capital Management is not associated or linked to Courtney Capital Management (Pty) Ltd and is therefore not authorised to use the FSP number 43057,” the regulator said in a statement. “Capital Management is not an authorised Financial Services Provider and the public is warned to exercise caution when dealing with this entity.”
A warning on Courtney Capital Management’s website dated 10 September notes that: “We have been notified that a company has copied some of our website content and they are using our FSB number and other credentials to actively canvas for clients, taking deposits and promising huge returns. We have logged this with the FSB. Please contact us if you have any information that can assist us in this regard.”
A link was provided to a website that was no longer in operation, but Capital Management’s Facebook profile is still up. On the page, Capital Management is also using Courtney Capital’s company registration number and JSE member code.
On the Facebook page, Capital Management claims to offer CFD accounts that earn 25% daily. A number of comments on the page claim that deposits have not been acknowledged, no accounts have been opened after money was paid, and that this is a scam.