South Africa Financial Sector Conduct Authority warns of fraudulent WhatsApp group A503 Stock Growth Community impersonating the FSCA and Johannesburg Stock Exchange

The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning against a syndicate operating on WhatsApp that claims to be associated with the FSCA and the Johannesburg Stock Exchange (JSE), and that is used to promote fraudulent investment and trading schemes. The WhatsApp group, named “A503 Stock Growth Community” and estimated to have 222 members, is falsely presenting itself as affiliated with the FSCA, the JSE and Mark Randall, Director of Information Services at the JSE, whose name and likeness are being impersonated through the group and an underlying “AIJSE” criminal syndicate platform. The JSE has confirmed these groups and their creators are not authorised by the JSE and that the investments referenced are not authorised or endorsed by the exchange. The FSCA considers the group to be operating without the necessary authorisation and unlawfully misrepresenting itself, noting that the unauthorised use of the JSE’s name and trademark may contravene section 4(2) of the Financial Markets Act, 2012. The FSCA urged the public to verify payee account details before transferring funds and to confirm that any entity or individual offering financial advisory and intermediary services is authorised by the FSCA, is operating within the category of advice they are licensed to provide, and is using a Financial Services Provider number that matches the FSCA database.