The Financial Sector Conduct Authority (FSCA) issued a public warning about a rise in scams involving individuals and entities impersonating the FSCA, authorised Financial Services Providers (FSPs), public figures and corporate executives to defraud the public, often through social media channels. The FSCA highlighted a case in which a person using the name Rick Steiner falsely claims to be an FSCA “Chief Executive Investigator” and instructs victims of online fraud to create and fund cryptocurrency wallets for purported fund recovery, which the FSCA confirmed it does not provide. It also flagged multiple impersonation and unauthorised investment schemes, including the misuse of names linked to Risto Ketola, Musa Mseleku and Anthea Gardner (Carttesian Capital), as well as schemes associated with Brokstock SA (Pty) Ltd, Cloudtrade247 (operating without FSCA authorisation), and Renzo Marco Torrente and Omne Digital Wealth offering unauthorised crypto asset investments. The FSCA urged consumers to watch for common red flags such as unrealistic returns, upfront fee demands, vague product information and urgent prompts to invest, and to verify authorisation status through the FSCA’s official verification channels and online registers, including the FAIS Act FSP database.
South Africa Financial Sector Conduct Authority 2025-11-24
South Africa Financial Sector Conduct Authority warns of surge in impersonation and fraudulent investment schemes
The South Africa Financial Sector Conduct Authority (FSCA) warned about scams involving impersonation of the FSCA, authorised Financial Services Providers, and public figures to defraud the public, often via social media. Notable cases include a false FSCA "Chief Executive Investigator" and unauthorised schemes linked to Brokstock SA, Cloudtrade247, and others. The FSCA advises consumers to be cautious of unrealistic returns, upfront fees, and to verify authorisation through official FSCA channels.