Customers were offered investment opportunities with the promise of a 50% or more return within 30 days.
It also claimed to be affiliated with a licensed firm, Wealth Associates Financial Advisers.
But a statement on Wealth Associates’ website confirms this is not the case.
“Please note that we have no relationship whatsoever with ‘www.africanwealthshares.biz’. The website, its promotors and the ‘firm’ behind it are completely unknown to us.”
It added that the matter has been reported to the FSCA and a complaint has been lodged with the hosts of the website.
As of 28 August, the African Wealth Shares website appears to have been taken down.
The FSCA said its view is that African Wealth Shares is conducting unregistered business and providing advisory and intermediary services without necessary authorisation.
It added that “consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA…”.