South Africa's financial services regulator has warned the public not to do business with a company called Morgan Investments Limited, saying it is not licensed.
On its website, Morgan Investment offers returns of up to 10% per week on investments starting at $1 000, far above what economists view as achievable.
While its website alleges that it has created "135 000 jobs' and provided "100 million loans," it gives no indication about where it is headquartered or domiciled, in which countries it operates and who sits on its board.
"Without commenting on the business of Morgan or its products and services, the FSCA points out that, for a company to offer CFD (Contracts for Difference) trading in South Africa, it must be licensed to do so by the FSCA," states the regulator in a statement.
"The FSCA wishes to inform the public that Morgan is not authorised to trade in CFDs or to provide financial advisory & intermediary services in South Africa."
Morgan Investments Limited did not reply to a Fin24 request for comment.
The FSCA said it was aware that there are members of public that have lodged complaints against Morgan. "The FSCA does not comment on the merit of these complaints. The FSCA made several attempts to contact Morgan, but these attempts were unsuccessful," it said.