Former FSCA executive’s name forged in $150 000 surety bond scam

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The Financial Sector Conduct Authority has issued a spate of warnings about scams involving one of its former executives, a deepfake video of Springbok captain Siya Kolisi, fake social media groups promising overnight riches, and website impersonating an FSP.

Scammers have impersonated Brandon Topham (pictured), the former divisional executive for investigations and enforcement at the FSCA, in a bid to dupe a foreign national into forking over a massive upfront payment.

Topham, who resigned from the Authority four years ago, found that his name had been forged on fraudulent documents demanding $150 000 (about R2.7 million) for so-called “surety bonds”.

The FSCA received a complaint from the foreign national, who was sent official-looking notices purporting to be from the Authority. These documents, falsely signed by Topham, claimed that the South African Reserve Bank (SARB) was holding $260 750 (about R4.68m) in funds earmarked for the complainant’s benefit. To “facilitate the release”, the impersonators insisted on an immediate payment of $150 000 to cover six surety bonds – a common red flag in advance-fee scams where fraudsters demand money to unlock imaginary windfalls.

The FSCA has denied issuing any such notices or having any involvement in the matter. The Authority does not issue or process surety bonds, nor does it authorise the release of funds held by the SARB. Topham confirmed that he had no hand in signing the documents.

The Authority could not contact the impersonators and is liaising with the complainant’s representatives.

Siya Kolisi deepfake video

An “investment platform” (not named by the FSCA) is circulating a deepfake video that uses the likeness of Siya Kolisi to con the public out of their money.

The platform is also misusing the logos of the FSCA, the SARB, FirstRand, and Standard Bank in an attempt to persuade the public that the scheme is legitimate.

In the deepfake video, Kolisi is depicted as promoting the platform’s “investments”, which, not unexpectedly, offer unrealistic returns – between R8 000 and R12 000 a day on an investment of R4 400, and up to R160 000 a month.

The SARB and FirstRand have distanced itself from the deepfake video and are investigating. The FSCA is also not associated with those behind the deep-fake video.

Scammers impersonating FSPs’ employees

The FSCA warns the public about scams impersonating Wealthpoint Capital (Pty) Ltd, Clive Douglas Investments (Pty) Ltd, and Fedgroup Financial Services (Pty) Ltd, as well as their employees.

The administrators of a Telegram group are pretending to be associated with Wealthpoint Capital and its head of client services, Kira Williams. The individuals operating the group claim they pay a return of 1 000% on an “investment”.

The administrators of another Telegram group are falsely claiming to be associated with Richard Willis, the chief executive of Clive Douglas Investments (FSP No. 26359), as well as its client services manager, Cara Fernandes.

The individuals behind the group are using the persona of Douglas Investments and the details of certain staff members via the Telegram link https://t.me/douglas_investment3

The impersonators promote forex and Bitcoin “investments”, offering unrealistic returns. For example, an investment of R5 000 is claimed to generate a return of R50 000 within 24 hours, while R30 000 will earn R300 000 in four days.

The administrators of a WhatsApp group are falsely claiming to be associated with Kuseni Dlamini, the chairman of Fedgroup Financial Services (Pty) Ltd (FSP No. 45563), and its chief executive, Grant Field.

The individuals behind the group are soliciting money from the public, offering unrealistic returns on “investments”. They claim an investment of R2 000 will generate a return of R4 500 within 12 hours, while R5 000 will earn R10 000 within 24 hours.

Ukuchuma website impersonation

The FSCA warns the public about a website that falsely claims to be associated with Ukuchuma (Pty) Ltd (FSP No. 32535).

The individuals behind the website https://swisstradecapital.net/ are using the persona of Ukuchuma to solicit “investments”. The impersonators have created a website similar in design and format to that of Ukuchuma’s, using its registered name, contact details, logos, and other intellectual property.

Ukuchuma has no connection with the impersonators and has taken steps to take down the website in question.

Ukuchuma’s official website address is https://ukuchumaltd.com, and it operates through www.xpromarkets.com. XPro Markets is a brand name of Ukuchuma Financial Services.

Warning about NkonyanaLobom and Trade with Tinzi

The Authority advises the public to exercise caution when conducting financial services business with NkonyanaLobom (Pty) Ltd and Lwando Tinzi.

The FSCA has received information that NkonyanaLobom and Tinzi are soliciting funds from members of the public while promising unrealistic returns.

Tinzi, through his website “Trade with Tinzi”, is reportedly offering “investment opportunities”. Members of the public are encouraged to “Invest and enjoy 100% profit, receivable every month for six months”. The FSCA cautions that such promises should be treated with great suspicion.

Without commenting on NkonyanaLobom and Tinzi’s business activities, the Authority noted that neither NkonyanaLobom nor Tinzi is authorised to provide financial services to the public.

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: