South Africa’s FSB raises fraud alert on Zillionaire Markets

Zillionaire Markets

The Financial Services Board (FSB) of South Africa has just raised a fraud alert to warn the public to take caution about Zillionaire Markets.

In a statement recently issued by the FSB, the country’s financial regulator said Zillionaire Markets which claims to participate in forex trading. According to its website, Zillionaire Markets is a financial regulated authority, Operating under International licence REG 10166144 | T&V No.244453806.

FSB also said Zillionaire Markets also has a Facebook account were it claims to be a registered provider and is underwritten by Roche Finance Group. This is contrary to the records held by the FSB which shows that Zillionaire and Roche Finance are not registered as financial services providers. Zillionaire Market has “brokers” who visit places to teach people about forex trading and thereafter Cloud Trading is introduced whereby an individual invests money and the broker claims to participate in forex trading on the investor’s behalf.

According to the Zillionaire Market this forex trading will generate a monthly return of about 30%. The contract states that the investor can withdraw after three months and will get their money no later than the 10th of the following month.

The FSB warned that the problem arises when the investor does not get they promised returns and no response to enquiries.