MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Business / Public Warning Against Persons Impersonating Brenthurst Wealth Management (Pty) Ltd

Public Warning Against Persons Impersonating Brenthurst Wealth Management (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with a person on WhatsApp purporting to be associated with a financial services provider (FSP), Brenthurst Wealth Management (Pty) Ltd (Brenthurst Wealth) (FSP 7833), and its directors Messrs. Magnus Reinier Heystek (Heystek) and Brian Dean Butchart (Butchart).

It was brought to the attention of the FSCA that certain individuals are using a WhatsApp group and deep fake videos to solicit funds from members of the public, by claiming to be associated with Brenthurst Wealth, Heystek and Butchart.

Brenthurst Wealth has confirmed it is not associated with the administrators of the WhatsApp group and the deep fake videos that have been published using its details and that of Heystek and Butchart. Furthermore, it does not use social media, and specifically WhatsApp and videos, to market its services or solicit investments.

Without commenting on the business promoted through the WhatsApp group and the videos, the FSCA points out that offering financial products and services in South Africa requires its authorisation. Notwithstanding the FSCA’s attempts to contact the administrators of the WhatsApp group, they were unreachable on the contact details available to the FSCA.

The public is urged to act with care when investing their funds. 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.

These red flags include:

  • Unrealistic or exaggerated returns
  • Offers made on social media platforms
  • Requirements to pay for services upfront
  • Requirements to pay more money to have your investments returned
  • Requirements to pay for training
  • Claims that you must act and pay urgently i.e. creating a sense of urgency
  • Vague information about the investment product.
Category: Tag: ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Fun South African fact

    Dear Editor Fun South African fact: towns like Franschhoek and Stellenbosch are home to world-class wine farms set in stunning, scenic surroundings. Regards Aressa Smith In Response to/From: Luxury Properties Seized in New Lottery Crackdown

  • Condolences on the Passing of Lusanda Dumke

    Statement by Leander Kruger MPL – DA Buffalo City Constituency Leader: The Democratic Alliance in Buffalo City Metropolitan Municipality mourns the passing of Springbok Women’s rugby player and Mdantsane trailblazer, Lusanda Dumke, who lost her battle with cancer at the age of 28. South Africa has lost an exceptional athlete, a leader, and a source…

  • Rape Kits Delivered, But…

    Statement by Nicholas Gotsell MP – DA NCOP Member on Security & Justice: The DA can confirm that 2 840 rape kits arrived in Cape Town on Monday, following sustained DA oversight and pressure after multiple police stations across the Western Cape were found to be without this critical forensic evidence tool. While this delivery…

Reader Interactions

Comments

  1. Patrice Motsepe – Founder of ARM (African Rainbow Minerals): After a successful career as a lawyer at Bowman Gilfillan, in 1997, Motsepe launched a business of his own called ARM (African Rainbow Minerals). He turned it into one of the largest mining and mineral groups in the world. Since then, he has diversified into several other key sectors, including financial services. In 2008, Motsepe became a billionaire and the first black African on the Forbes list. In 2016, he invested in a USD1 billion fund as part of the Breakthrough Energy Coalition, launched by Bill Gates. He also launched a new private equity firm, African Rainbow Capital, which is focused on investing in Africa. In 2017, he was ranked as South Africa\’s fifth richest person, with a fortune exceeding R1.3 billion.