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Public Warning: Persons Impersonating Altron TMT (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with a person on Telegram purporting to be associated with financial service provider (FSP) Altron TMT (Pty) Ltd (Altron TMT) (FSP Number 50256), and its representative Mr. Werner Gerhard Kapp (Mr. Kapp).

The FSCA has been made aware that the individuals behind the Telegram group are using the names of Altron TMT and Mr. Kapp via the following Telegram link https://t.me/Leadership_Andre_Cronjee1. The impersonators promote Forex trading and solicit funds from members in the group by promising high and unrealistic returns within a short period. The FSCA points out that any offer of unrealistic returns must be viewed with great suspicion, especially if it is coupled to an unrealistic turn-around time relating to the profits.

Altron TMT have confirmed that it and Mr. Kapp are not associated with the Telegram group or the administrators of this group. Furthermore, it does not use social media, and specifically Telegram, to market its services or solicit investments. Notwithstanding the FSCA’s attempts to contact the administrators of the Telegram group using the details in its possession, the administrators of the Telegram group were not reachable.

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.

Members of the public may use one of the following methods to confirm whether a service provider or person is authorised to act as an FSP by the FSCA, including to verify their FSP number:

  1. Toll-free number: 0800 110 443
  2. Online search for authorised financial institution by license category: https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-EntitiesPersons.aspx
  3. Online search for a financial institution that is an authorised FSP in terms of the FAIS Act: https://www.fsca.co.za/Fais/Search_FSP.htm
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