SA Search engine RSASearch exposed a pyramid scheme targeting pensioners

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The Directorate for Priority Crime Investigation in the North West is investigating a prominent, charismatic businessman from Potchefstroom after hundreds of investors – many of them pensioners and widows – were left with nothing to show for the nearly R44-million they claim they sunk into what they had been promised would be a fool-proof venture. Large plush offices, high-profile radio marketing and television interviews in which he promised returns of up to 3% were all it took to dupe pensioners into parting with almost everything they had saved up for their old age. We meet the widows who have lost everything after the businessman liquidated his business, blaming COVID-19.

FSCA issues public warning against RSA Search and Mr Bennie Otto

The FSCA warns the public to act with caution when dealing with RSA Search and Mr Bennie Otto.

www.iol.co.za

The Financial Sector Conduct Authority (FSCA) warns the public to act with caution when dealing with RSA Search (Pty) Ltd (RSA Search) and Mr Bennie Otto (Mr Otto).

The FSCA suspects RSA Search and Mr Otto of conducting unauthorised financial services business and breaching various financial sector laws, including unlawfully operating as a bank.

The FSCA received information that RSA Search and Mr Otto are operating a fraudulent investment scheme. It is alleged that RSA Search and Mr Otto have a website where they recruit investors to advertise on their website for a monthly payout. Investors have a choice to invest for a period of 12 or 24 months or to receive their dividend monthly or only when the contract term expires.

The FSCA confirms that RSA Search is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render financial advisory and intermediary services. The FSCA can also confirm that this entity is not a registered bank or representative of a bank in terms of the Banks Act (Act No. 94 of 1990). It is not authorised to offer any banking services such as taking deposits from the public.

Ben Otto/Bennie Otto from Potchefstroom scammed people promoting his google of South Africa website and appeared on Afrikaans morning show to get investors promising investment at 3% a month. He paid off returns off new investments so a typical pyramid scheme. His previous mobile payment company was also a scam.

His website rsasearch.co.za doesn't work anymore

Why old people invest in technology who knows.

 

[Mista_Mobsta]

Why are c*nts like these not locked up and fined to the hilt after their first stint as financial criminals?

 

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Google found very little on it. Probably a poor junior dev was paid peanuts to develop it.

 

[rorz0r]

It was meant to be South Africa's answer to Google...

 

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I feel sorry for their staff who thought they are creating a legitimate company. I am sure they didn't know about the finances.

The search engine had paid for slots on Afrikaans morning shows where they were promoting it to try hook investors.