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Individuals Impersonating Alexander Forbes Financial Planning Consultants (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) advises the public to exercise caution when engaging in financial services transactions with individuals using Telegram to impersonate the financial services provider (FSP) Alexander Forbes Financial Planning Consultants (Pty) Ltd (Alexander Forbes) (FSP number 31753) and its Chief Executive Officer (CEO), Mr Dawie de Villiers.
The FSCA received information that Alexander Forbes and its CEO are being impersonated on Telegram to solicit investments from members of the public. Alexander Forbes has confirmed that neither it nor its CEO is associated with the administrators of the Telegram group and has emphasised that it does not conduct business through Telegram.
While the FSCA does not comment on the specific business model or services offered on Telegram, it is important to note that the administrators of the Telegram group are not authorised under any financial sector law to provide financial services to the public.
Furthermore, the administrators failed to respond to the FSCA’s enquiries.
The public is strongly urged to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.
The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.
Be alert to the following red flags:
  • Unrealistic or exaggerated returns
  • Offers made via social media platforms
  • Requests for upfront payments
  • Demands for additional payments to release your investment
  • Charges for training or onboarding
  • Pressure to act quickly or urgently
  • Vague or unclear information about the investment product.
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