Moneyweb’s investigation reveals identical business models and links to fake ads.
Banxso and AfriMarkets share many things, from directors and office space in Cape Town to the ‘onboarding’ strategies their agents use. Image: MoneywebIn effect, this means Banxso continues to trade after its bank accounts were frozen, its Financial Advisory and Intermediary Services licence provisionally withdrawn, and the Financial Intelligence Centre believing it is a “criminal enterprise designed to defraud innocent members of the public”.
He also strongly denied that AfriMarkets is linked to the fake advertising. “Afrimarkets only employs search engine optimization strategies, an uncontentious, compliant and transparent method of marketing and client acquisition. Any suggestion of involvement in fraudulent social media advertising is entirely false and considered with the greatest degree of contempt.” and Warwick Schneider are both directors of Banxso and AfriMarkets. Sekler owns both companies.
‘Jason Steyn’ registered in the registration box on the site, and within seconds, the page was redirected to AfriMarkets’ website, where a trading account was automatically created in Steyn’s name. Enrico used the same terms Banxso agents used in previous interactions with Moneyweb aliases. He introduced himself as an “onboarding specialist” and quickly distanced AfriMarkets from the fake advertising. However, it was clear he was aware of the advertisement.
The video below is a real-time account of the whole process, from when Steyn clicked on the fake ad on Facebook to the conclusion of his conversation with Enrico.Moneyweb conducted another test. After clicking on another bogus ad on Facebook, another fake article appeared. This time, ‘Peter Doyle’ registered.
Garth never mentioned that the “investments in financial markets” would be highly risky contracts for difference . Theron did however state that AfriMarkets was “plagued by the same form of social media scamming, and subjected to phishing attacks during early 2024, albeit to an insignificant extent”.
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