The Financial Sector Conduct Authority has issued a series of warnings about individuals allegedly impersonating established financial institutions and authorised financial services providers, as well as entities and individuals that are not authorised to provide financial services to the public.
The latest warnings, all issued on 25 August 2026, involve the names of Citadel Investment Services, First Equity Insurance Group, JustMarkets, Smartvest Financial Services, AFK Capital, and PFS Wealth Management.
The FSCA also warned the public about Bearer Shares and KessTrades, Harbor Stone FX, Timz Nas 100, and Jama Nimrod Mthimunye, known as Captain Blue FX.
Social media and messaging platforms feature prominently in several of the warnings.
Impersonation warnings
In one case, individuals allegedly used Telegram to impersonate Citadel Investment Services (Pty) Ltd, an authorised FSP (FSP 547), and solicit investments from members of the public.
Citadel Investment Services confirmed it is not associated with the administrators of the Telegram profiles. The FSCA said it was unable to contact the administrators.
Another warning concerns individuals allegedly using the name of Kevin Watson, a director within First Equity Insurance Group, and claiming an association with the group to solicit funds from members of the public.
First Equity Insurance Group is a brand grouping for African Risk Transfer (Pty) Ltd (FSP 9378), Everything Insure Digital Intermediaries (Pty) Ltd (FSP 21271), SATIB Insurance Brokers (Pty) Ltd (FSP 16388), and First Equity Professional Liability (Pty) Ltd (FSP 48354).
The group and Watson confirmed they are not associated with the individuals using their names and identity.
The FSCA also warned about individuals impersonating Just Global Markets (Pty) Ltd, trading as JustMarkets, an authorised FSP (FSP 51114). The individuals allegedly used WhatsApp to solicit investments, while JustMarkets confirmed it was not associated with the administrators of the WhatsApp group.
In another case, an individual or individuals behind a Telegram group allegedly used the name of Smartvest Financial Services (Pty) Ltd (FSP 52449) and its key individual, Kagiso Tloubatla, to promote investments. Members of the group were promised unrealistic returns.
Smartvest confirmed it was not associated with the Telegram group or its administrators and said it does not use social media, specifically Telegram, to market its services.
The FSCA further warned about TRDFX, which allegedly offered investment opportunities while purporting to be associated with AFK Capital (Pty) Ltd (FSP 51875). AFK Capital confirmed it had no association with TRDFX, while the FSCA said TRDFX was not authorised to provide financial services to members of the public.
A further warning concerned a Telegram profile allegedly impersonating PFS Wealth Management CC (FSP 18877) and its key individual, Gideon Lamprecht. The profile allegedly used the firm’s name, branding, and the details of its KI to solicit funds.
PFS Wealth Management confirmed neither it nor Lamprecht was associated with the Telegram profile. The FSCA said the administrator was not authorised under any financial sector law to provide financial services to the public.
Unauthorised financial services
The FSCA also issued warnings concerning entities and individuals that it says are not authorised to provide financial services.
The regulator warned the public about Bearer Shares and KessTrades, saying it had received information that the entities were soliciting funds for cryptocurrency and trading purposes. The FSCA confirmed that neither was authorised to provide financial services to members of the public. It also said it was unable to reach the entities using the contact details provided.
Harbor Stone FX was the subject of a similar warning. The FSCA said it had received information that Harbor Stone FX was soliciting funds for cryptocurrency and trading purposes and confirmed it was not authorised to provide financial services to the public. The regulator said it was unable to reach Harbor Stone FX using the contact details provided.
The regulator also warned about Timz Nas 100, which markets trading-related content on Instagram, TikTok, and YouTube, including trading in NAS100 and US30 and the provision of trading signals.
The FSCA said the administrator of the platform was not authorised under any financial sector law to provide financial services to the public. It did not comment on the specific business model or services offered through the platform.
Jama Nimrod Mthimunye, known as Captain Blue FX on social media, was also the subject of an FSCA warning. The regulator said it had received information that Captain Blue FX was providing forex signals and forex trading advice.
The FSCA confirmed that Captain Blue FX was not authorised to provide financial services to members of the public.
Common warning signs
The FSCA urged members of the public to exercise caution when considering unsolicited investment or trading offers, particularly those communicated through social media.
It identified several warning signs, including unrealistic or exaggerated returns, offers made through social media platforms, requests for upfront payments, demands for additional money to have investments returned, requests for payment for training, pressure to act or pay urgently, and vague information about the investment product.
Suspicious activities can be reported to the FSCA’s Ethics and Fraud Hotline on 0800 313 626, by email at fsca@behonest.co.za, or online at www.behonest.co.za.
Check before you invest
The warnings also highlight the importance of verifying not only whether an FSP is authorised, but whether the person or entity approaching an investor is authorised to provide financial services.
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:
- Call the FSCA’s toll-free line: 0800 110 443
- Click here to search FSPs authorised under the FAIS Act.
