iXPFX raises red flags

DUBIOUS TRADING PLATFORM CLAIMS IT'S PART OF RHONA LIFE

- Adriaan Kruger

» It's a lie, says Rhona. 'It's an impersonation. Is this like the Banxso thing?'

Rhona Life, licensed with the Financial Sector Conduct Authority (FSCA) as a financial services provider, has a problem – one of the dubious trading platforms that promises its victims unlimited riches claims that it is part of Rhona Life.

It states on its website that iXPFX is operated and managed by Rhona Life, uses the Rhona Life Financial Services Provider number (FSP 48061), and states in its legal documents that clients enter into an agreement with Rhona Life (Pty) Ltd.

Two iXPFX representatives claimed in telephone conversations it is part of Rhona Life and invited Moneyweb to check the details on the FSCA website. Little did the representatives know we had already spoken to one of the persons listed as a key individual of Rhona Life, Bertie Schamrel.

“It is a scam. We already reported it to the FSCA,” Schamrel replied, offering to send Moneyweb a copy of the complaint.

One of the salesmen at the online broking platform even supplied the name of the compliance officer as per the FSCA database, and called back a few minutes later to check if we had spoken to the compliance officer. However, the compliance officer had never heard about the online trading company and confirmed that iXPFX was using the FSP number fraudulently.