A new Telegram group promoting “crypto investment opportunities” has surfaced under the name “MyWealth Method”, reviving a brand already at the centre of enforcement action and ongoing investigations by the Financial Sector Conduct Authority.
The group began adding members rapidly in early February. Its description promises a gateway to “financial freedom” through decentralised finance (DeFi) opportunities. One message announces: “We are open for business. Don’t let this opportunity slip away, secure your spot today!”
A pinned message promotes a blockchain investment project and claims early investors will receive “exclusive access, rewards, and the opportunity to grow alongside a rapidly expanding ecosystem”. It adds the project is “backed by experienced developers and strategic partnerships” and offers “high-yield staking opportunities”.
Another message attributed to Schalk Botha addresses group members as “Dear Investors”, announcing what it describes as a new DeFi project that could deliver “exceptional returns to early investors”.
Members seeking more information are directed to contact the Telegram handle @SchalkBothaz.
Moonstone sent a private message to the account. The status indicated that the user had last been active on 24 February. Activity on the group also appears to have halted around that date, after a short period of heavy traffic in which several participants asked for their deposits to be confirmed.
The FSCA told Moonstone that it is aware of the development.
“The FSCA is aware of the existence of a Telegram group, linked to MyWealth entities, and allegedly promoting investment opportunities.”
The Authority said that once its investigation is concluded, “if the findings of the investigation demonstrate that there were contraventions of any financial sector law, the FSCA will consider publishing another press release to inform members of the public of the outcomes of the investigation”.
Moonstone last encountered Botha’s name in an FSCA warning issued in June 2024, when the Authority said it was investigating MyWealth Legatus (Pty) Ltd and its directors, Charl Coetzee and Botha, to determine whether they were conducting unregistered financial services or banking activities.
Moonstone sent a media query to known contact addresses for Botha, asking whether he started the Telegram group or whether his profile may have been misused, but no response had been received at the time of publication.
Enforcement action against the original MyWealth entities
The resurfacing of the MyWealth name comes after regulatory action that began more than two years ago.
In March 2024, the FSCA imposed administrative penalties exceeding R73 million on MyWealth Method (Pty) Ltd and MyWealth DIAS (Pty) Ltd. The Authority concluded that the entities had unlawfully issued, marketed, and sold shares in MyWealth DIAS to members of the public.
Read: FSCA fines MyWealth DIAS and MyWealth Method more than R73m
According to the Authority, investors were persuaded to buy shares through the MyWealth Method platform, with promises of returns of up to 400%. Withdrawal requests were not honoured and investors ultimately lost both their capital and the promised returns.
The FSCA stated there was no legitimate financial product generating the purported returns and that the operation functioned as a Ponzi scheme. It also found that the entities had misrepresented themselves as being authorised by the Authority.
The Authority said MyWealth Method contravened section 7(1)(a) of the Financial Advisory and Intermediary Services Act, while both entities contravened section 11(1) of the Banks Act.
Administrative penalties of R58.8m were imposed on MyWealth Method and R15.1m on MyWealth DIAS.
The FSCA also debarred Coetzee for 20 years.
Tribunal challenges and enforcement status
The enforcement process has not yet fully run its course.
The FSCA confirmed to Moonstone that the administrative penalty against MyWealth Method remains in force, although it has not been paid. No reconsideration application was lodged with the Financial Services Tribunal in relation to that penalty.
The penalty imposed on MyWealth DIAS, however, has been taken on reconsideration to the Tribunal and is temporarily suspended pending the outcome of that application. No decision has yet been issued.
Coetzee’s 20-year debarment remains in effect, although he has also lodged a reconsideration application with the Tribunal. That application has not yet been finalised.
The FSCA told Moonstone that no additional debarments or sanctions have been issued against other individuals, including Botha.
MyWealth Legatus enters the picture
Regulatory scrutiny later expanded to another entity bearing the same brand.
In June 2024 the FSCA warned the public to exercise caution when dealing with MyWealth Legatus, which it suspected might be conducting unregistered financial services and/or the business of a bank by taking deposits from the public.
Read: FSCA flags MyWealth Legatus
The Authority stated at the time that the entity was not authorised under any financial sector law and was not registered as a bank.
It also said there were indications that MyWealth Legatus may be carrying on the illegal business activities of MyWealth Method and MyWealth DIAS.
The FSCA confirmed that it opened an investigation into MyWealth Legatus and its directors, including Coetzee and Botha, to determine whether they were offering financial services or banking products without registration.
That investigation is still in progress, and the Authority says no findings or enforcement actions have yet resulted from it.
Nessfin licence withdrawn
The fallout from the MyWealth network later extended to a licensed financial services provider.
In May 2025 the FSCA suspended the authorisation of Nessfin Investments and Finance Group (Pty) Ltd, and in June the Authority provisionally withdrew the company’s FSP licence.
Read: Nessfin’s licence pulled amid fallout from MyWealth-linked entities
The Authority said the move followed concerns about Nessfin’s relationship with MyWealth Legatus, noting that the firm had been found in possession of funds collected from members of the public by the Legatus entity.
Under the FAIS Act, licensed FSPs are prohibited from conducting business with unauthorised entities.
The FSCA told Moonstone that its investigation into Nessfin remains ongoing, and that no further regulatory action has been taken at this stage.
Warning signs for investors
The appearance of a new Telegram group using the MyWealth name raises fresh questions.
The FSCA says it continues to warn the public about common red flags associated with unauthorised financial schemes. These include promises of unrealistic returns, investment offers made through social media platforms, requests for upfront payments, demands for additional funds to release investments, and pressure to act quickly.
Other warning signs are vague information about the underlying investment product or requirements to pay for training before participating.
The Authority urges members of the public to verify whether an individual or entity is authorised as a financial services provider before investing.
Report suspicious activity via the Ethics and Fraud Hotline at 0800 313 626, by email at fsca@behonest.co.za, or online at behonest.co.za.
