Old Mutual warns about ‘Trevor Manuel’ deepfake investment pitches

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An investment scam using a fake likeness of Trevor Manuel (pictured), the chairman of Old Mutual, is circulating on social media.

Last week, Old Mutual warned the public about the videos, which purportedly show Manuel providing investment advice and encouraging the public to invest in certain products.

Manuel, who was Minister of Finance from 1996 to 2009, is the latest high-profile individual whose likeness has been used in deepfake videos to peddle investment scams. Similar deepfake videos have featured Johann Rupert, Nicky Oppenheimer, and Elon Musk.

“It has come to my attention that there are social media posts using my image and artificial voice and pretending to either give people investment advice or requesting that they invest in products that I advise them to. Artificial Intelligence can easily be used by bad people,” Manuel said in a statement.

Manuel said he does not give investment advice to anybody – and it would be illegal for him to do so. The Financial Advisory and Intermediary Services Act, which was passed in 2002, stipulates that only authorised individuals can provide investment advice and offer financial products. Manuel said he was not so authorised.

“Too many people have lost their hard-earned money, especially what they’ve saved for later in life, stolen by crooks. I plead with you to protect your nest egg.”

Regarding unauthorised products, the Financial Sector Conduct Authority recently warned the public to exercise caution when conducting financial services business with the following entities/individuals:

  • Dazzle Brilliance Diamond (Pty) Ltd.
  • Lucas Sekhorane Maake, who also operates as Skuriey.rsa on Telegram.
  • Michael Jacobs and AMFX Solutions.
  • Capital40 Investments.

None of the above is authorised by the FSCA to provide financial services to the public in South Africa.

The FSCA said it has received information that Dazzle is soliciting funds from members of the public for investment purposes, while promising unrealistic returns. Dazzle is reportedly encouraging individuals to “invest R2 500 and receive R6 000 in 40 days”. The FSCA cautions that promises of unrealistic returns should be treated with great suspicion.

The Authority said it has come to its attention that Maake is offering forex signals and account management services to members of the public. Maake offered to trade on behalf of members of the public, in return for 50% of the profit generated through his trades.

“Providing signals refers to the practice of persons making recommendations to their clients in respect of trades and prices in financial products. The signal provider is remunerated through a subscription fee or a percentage of profits. Even in the instances of clients suffering trading losses, signal providers may benefit through commissions paid by brokers. It is not unusual for signal providers to provide fictitious signals and share fake trading patterns to lure clients into participating,” the Authority said.

The FSCA said Jacobs is reportedly encouraging members of the public to “invest and enjoy 300% profit, receivable every month for six months”.

The Authority said Capital40 is encouraging members of the public to invest between R1 000 and R400 000 and are promised monthly returns of between R320 and R128 000. Capital40 claims its providers investors with access to artificial intelligence trading software that makes automated trading decisions in financial markets and generates profits on behalf of clients.

Spot the red flags

The FSCA advises the public to remain alert when approached with attractive investment offers. These often come with warning signs that should raise immediate concern. Common red flags include:

  • Promises of unrealistic or exaggerated returns.
  • Offers made through social media platforms.
  • Requests for upfront payments.
  • Additional payments required to access your investment returns.
  • Charges for training before you can invest.
  • Pressure to act and pay urgently.
  • Vague or unclear information about the investment product.

To check whether a person or business is authorised by the FSCA to operate as a financial services provider – and to verify their FSP number – the public can use any of the following options:

 

2 thoughts on “Old Mutual warns about ‘Trevor Manuel’ deepfake investment pitches”

  1. Cyprian Owen Sipho

    Recently Prisident Trump and Ramaphosa were shown through the social media advertising and urging people to invest in A1 Investment platform a minimum of R4500 . The public is promised huge sums of money . Is this falling under the same category of scams . Some other people usually seen are Mr Motsepe , Mrs Conny Ferguson, Mr Oppenheimer and many others . Please openly warn South African people through SABC News using all eleven languages.

  2. Jay

    Communist becomes a capitalist because he’s connected. I remember the communist saying when he was Min. of Finance, R6000 pm as a wage for a police constable is a livable wage. I wonder if he applied the same logic to his wages as chairman. His communist wife had no objections earning R30-50m per annum as ABSA’s CEO. I wont take any advice from this hypocrite even if it wasnt a scam.

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