South Africa’s financial regulator raises alert on Love and Lets Live Ponzi scheme

South Africa’s financial regulator raises alert on Love and Lets Live Ponzi scheme

Financial Services Board, FSB, South Africa’s top financial regulator has raised a fraud alert on Love and Lets Live (Pty) Ltd, a Ponzi scheme that has been inviting members of the public to come and invest in their online trading (in forex).

According to the FSB, Love and Lets Live promises potential investors monthly returns of 8% on their investment. While warning the public about the scheme, the FSB said Love and Lets Live (Pty) Ltd is not authorised as an FSP and is not a representative of an
authorised FSP.

The FSB warned that persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, 37 of 2002. Such contravention is an offence which carries a heavy fine or period of imprisonment.

After the FSB published its warning, Love and Lets live has published a notice that ‘Love and Lets Live is NOT open to the public pending registration and will not accept any new applications until such time’. The scheme has also removed all pages on its website leaving behind a single login page.

There is no public information as to who own or manage the scheme. The domain registration details has been set to private. See below the only information available about the scheme.

Domain Name: LOVEANDLETSLIVE.COM
Registry Domain ID: 1937561537_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.enom.com
Registrar URL: //www.enom.com
Updated Date: 2017-05-31T22:38:24Z
Creation Date: 2015-06-11T08:19:06Z
Registry Expiry Date: 2018-06-11T08:19:06Z
Registrar: eNom, Inc.
Registrar IANA ID: 48
Registrar Abuse Contact Email:
Registrar Abuse Contact Phone:
Domain Status: clientTransferProhibited //icann.org/epp#clientTransferProhibited
Name Server: NS1.IMAGINET.CO.ZA
Name Server: NS2.IMAGINET.CO.ZA
DNSSEC: unsigned
URL of the ICANN Whois Inaccuracy Complaint Form: //www.icann.org/wicf/
>>> Last update of whois database: 2017-08-07T14:24:22Z <<<

The scourge of Ponzi schemes has ravaged the African continent often taking many learnings from Europe and Americas where although Ponzi schemes are illegal but are operated under the guise of multi-level marketing and other recruitment schemes.