The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with Mr. Lethabo Molefe (Molefe).
It has come to the attention of the FSCA that Molefe is soliciting funds from members of the public for investment purposes, while promising unrealistic returns. Members are recruited through Telegram groups and promised a return on investment of R9000 from an initial investment of R900. The FSCA established that members of the public were requested to deposit their funds into a Capitec Bank account, belonged to Mr. Thato Rapelego (Rapelego). The FSCA points out that unrealistic returns must be viewed with great suspicion.
The FSCA contacted Rapelego for comment. Mr Rapelego responded that he did not provide financial services and that someone else used his bank account. Molefe was unavailable for comment. While the FSCA does not comment on the specifics of Molefe’s or Rapelego’s business, it must be noted that neither are authorised in terms of any financial sector law to provide financial services to the public in South Africa. In addition to conducting its own enquiry, the FSCA will refer this matter to the South African Police Service.
To avoid unnecessary risk, the public should refrain from accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA. Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments.
Red Heroine
Nthato Motlana – Dr. Nthato Motlana is ‘the renaissance man’ of South Africa, with successful careers in politics, medicine and business. He was the founder of NAIL and a mentor to many of the top business leaders in South Africa today. He is considered by many to be the father of economic empowerment in South Africa.