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Individuals Impersonating Altvest Capital

The Financial Sector Conduct Authority (FSCA) advises caution when engaging in financial services transactions with individuals purporting to be associated with Altvest Capital Solutions (Altvest Capital) and its Chief Executive Officer, Mr Warren Wheatley, via the Telegram platform. Altvest Capital Solutions is a juristic representative of CAEP Asset Managers (Pty) Ltd, authorised under FSP number 33933.
It has come to the attention of the FSCA that the administrators of a Telegram group are claiming an association with Altvest Capital and are soliciting investments from members of the public.
Altvest Capital has confirmed that it is not associated with the administrators of this Telegram group and that it does not conduct business through social media platforms or personal messaging applications. The FSCA was unable to reach the administrators using the contact details available to it.
The public is strongly urged to exercise caution when considering unsolicited investment or trading offers, especially those communicated through social media. 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.
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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