INVESTOR WARNING

The Financial Sector Conduct Authority (FSCA) warns against dealing with Classic Financial Services One and its director, Jacobus Geldenhuis. The authority says neither Classic nor Geldenhuis is authorised to provide financial advice or render intermediary services in terms of the Financial Advisory and Intermediary Services (FAIS) Act. The FSCA is investigating Classic after receiving complaints from investors. The evidence collected to date indicates that Geldenhuis may be operating a Ponzi scheme. The FSCA is cooperating with the Financial Intelligence Centre, which issued directives to two banks to freeze the bank accounts of Classic. This was to protect possible funds of investors.