FSB raises fraud alert on MD Fund forex scam

FSB raises fraud alert on MD Fund forex scam

The topmost financial regulator in South Africa, the Financial Services Board, has raised an alarm on MD Fund, an unregistered forex investment scheme.

The FSB warned the public to take caution when dealing with MD Fund which claims to participate in forex trading.

According to a Facebook post made during 2016, MD Funds offers daily returns of 0.75% to 1.5% and an investor gets to do monthly withdrawals. Investments from R10 000.00 to R250 000.00 are solicited. MD Funds alleges to be a registered company “under all the laws of South Africa”.

According to the records at our disposal MD Funds is not an authorised financial services provider.