The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when dealing with individuals claiming links to TSB Securities (Pty) Ltd and Thebe Investment Corporation (Pty) Ltd, after identifying that Mr Sphesihle Cele, also using the alias “Nhlakanipho Zungu”, is soliciting investments while not authorised to provide financial services. The FSCA reports that Mr Cele has been using TSB Securities’ financial services provider (FSP) number 18047 and Thebe Investment’s name in communications with members of the public to promote long-term investment products. Both TSB Securities and Thebe Investment confirmed they are not associated with him, and Mr Cele has not responded to FSCA enquiries. The FSCA also highlighted common scam warning signs, including unrealistic returns, approaches via social media, upfront payments, demands for additional payments to release funds, paid “training” requirements, pressure to act urgently, and vague product information. The regulator directed the public to verify whether a person or entity is authorised through the FSCA’s authorisation records and to report suspicious activity through its ethics and fraud reporting channels.
South Africa Financial Sector Conduct Authority 2025-11-20
South Africa Financial Sector Conduct Authority warns against Mr Sphesihle Cele for using TSB Securities FSP number to solicit investments
The South Africa Financial Sector Conduct Authority (FSCA) warned about Mr. Sphesihle Cele, aka “Nhlakanipho Zungu”, soliciting investments without authorization, falsely claiming links to TSB Securities (Pty) Ltd and Thebe Investment Corporation (Pty) Ltd. Both companies confirmed no association with Mr. Cele, who has not responded to FSCA inquiries. The FSCA advises the public to verify authorizations and report suspicious activities.