Scammers Use Celebrity Endorsements To Deceive Investors

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scammers use celebrity endorsements to deceive investors

Elize Grobbelaar, a 69-year-old resident from the Bay, felt reassured by Corne Mulder, the Western Cape leader of the Freedom Front Plus, featured in a financial advertisement, Cape {town} Etc reports.

Convinced of its legitimacy, she decided to invest $100 (around R2 000) in a venture presented by Villion Trading, which she found impressively professional as per The Rapport . However, her son-in-law, Wian Meier, who works in telecommunications, quickly raised concerns. After researching, he discovered numerous negative reviews on HelloPeter, labelling Villion Trading as a scam.

Fortunately, Grobbelaar mentioned her investment to her family before putting in more money. Despite her attempts to reclaim her funds, she received no response.

Mulder informed City Press s sister publication, Rapport , that this scam has been active for months. He stated, The first time I managed to stop it, but the post Grobbelaar responded to is new.

The scammers have become increasingly sophisticated, even creating fake links that appear to lead to credible news sites.