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Telegram Group Impersonating Psg Wealth Financial Planning (Pty) Ltd and MS. Elke Brink

The Financial Sector Conduct Authority (FSCA) warns members of the public to exercise caution when engaging with administrators of a Telegram group operating under the name PSG Wealth (Pty) Ltd. This group falsely claims to be affiliated PSG Wealth Financial Planning (Pty) Ltd (FSP number 728) (PSG Wealth), and its representatives Ms. Elke Brink (Ms. Brink).

The FSCA has received reports regarding a Telegram group, purporting to be associated with PSG Wealth to solicit funds from members of the public. The administrators of the group are also using the persona of Ms. Brink as part the scheme. Members of the Telegram group are promised a guaranteed returns of 100%.

PSG Wealth have confirmed that neither it nor Ms. Brink have any association with the Telegram group and its administrators. PSG Wealth have also confirmed that it does not conduct business through on the Telegram platform.

While the FSCA does not comment on the specific business model or services offered on the Telegram group, it is important to note that the administrators of the group are not authorised under any financial sector law to provide financial services to the public. The individuals behind the Telegram group failed to respond to FSCA queries.

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. 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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