Scammers falsely claim to be associated with Brenthurst Wealth, Nicolette Mashile and 1nvest

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Scammers are trying to con members of the public out of their money by claiming to be associated with individuals who are well known to financial consumers and retail investors.

In one of these scams, a WhatsApp group falsely claims to be associated with Brenthurst Wealth Management (Pty) Ltd (FSP No. 7833) and its directors, Magnus Heystek and Brian Butchart.

Heystek, who co-founded Brenthurst Wealth in 2004 with Butchart, is quoted frequently in the financial media and appears in online videos discussing market trends and investment strategies.

The FSCA said the public should be wary of the WhatsApp group, as well as deep-fake videos purporting to be from Brenthurst Wealth, Heystek, and Butchart.

Brenthurst Wealth is not associated with the administrators of the WhatsApp group or the deep-fake videos using its details and those of Heystek and Butchart. Furthermore, it does not use social media, and specifically WhatsApp and videos, to market its services or solicit investments.

The FSCA said its attempts to contact the administrators of the WhatsApp group have been unsuccessful.

A Telegram group is purporting to be associated with Nicolette Mashile, the founder of Financial Fitness Bunny (Pty) Ltd.

Financial Fitness Bunny aims to simplify financial and consumer education. It offers resources such as books, podcasts, webinars, and social media content.

The administrators of the Telegram group are using Mashile’s details and persona. People who join the group are asked to invest a minimum of R2 000 by using a bank transfer or by depositing funds into a Luno wallet.

Mashile is not associated with the Telegram group and its administrators.

The FSCA said the administrators of the group could not be contacted.

1nvest impersonation scam

The Authority has also warned of an impersonation scam involving 1nvest Fund Managers (Pty) Ltd (FSP No. 49955), which provides index-tracking investments.

Individuals running a Telegram group are impersonating 1nvest and one of its representatives, Telita Koorsen, to solicit funds unlawfully and promise unrealistic returns of up to 900%.

1nvest is not associated with the Telegram group or the administrators of this group. The financial services provider does not use social media, and specifically Telegram, to market its services or solicit investments.

The FSCA points out that offering financial products and services in South Africa requires its authorisation.

Advisory to the public

The FSCA urges extreme caution when approached with unsolicited investment opportunities, particularly those found on social media.

The public should not accept financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA. Authorised financial services providers must clearly display their authorisation status in their documentation. If this is not present, it is advised to further investigate before making any payments.

To avoid financial fraud, individuals should always confirm whether an FSP is registered by checking the FSCA’s database.

Members of the public should always check the following:

  • That an entity or individual is authorised by the FSCA to provide financial products and services, including for providing recommendations about how to invest.
  • The category of advice the person is registered to provide, because there are instances where companies or people are registered to provide basic advice for a low-risk product but advice on far more complex and risky products.
  • That the FSP number used by the entity or individual offering financial services matches the name of the FSP on the FSCA’s database.

You can check whether an entity or person is authorised to provide financial products and services by: