Proceed With Caution When Dealing with Mr Daniel Karabo Tshabalala

The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with Mr Daniel Karabo Tshabalala (Mr Tshabalala).

The FSCA received information that Mr Tshabalala is soliciting funds from members of the public for investment purposes. Mr Tshabalala is using Instagram to provide signals and trading services to members of the public.

Without commenting on the business of Mr Tshabalala, the FSCA confirms that he is not authorised by the FSCA to provide financial services to members of the public. Mr Tshabalala failed to respond the FSCA’s enquiries.

To avoid unnecessary risk, the public should not accept financial advice, assistance, or investment offers from individuals or entities that are not authorised by the FSCA.

Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments.

The public is strongly urged to act with care when investing their funds. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations. The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.

These red flags include:

• Unrealistic or exaggerated returns
• Offers made via social media platforms
• Requests for upfront payments
• Demands for additional payments to release your investment
• Charges for training or onboarding
• Pressure to act quickly or urgently
• Vague or unclear information about the investment product