The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when engaging with Telegram groups that falsely claim to represent Mr Rhynier Burger, Chief Executive Officer of Kovacs Investments 383 CC trading as Rhynco Wealth Management, an authorised financial services provider (FSP 17639). The FSCA has received reports that impersonators are using Rhynco Wealth’s name and logo to promote cryptocurrency investment opportunities and trading signals. The Telegram groups identified include @RHYNIER_BURGERza and @Rhynco Wealth Management. Rhynco Wealth has confirmed it is not affiliated with these groups and that its branding is being used without authorisation. The FSCA stressed that the impersonators and group administrators are not authorised to provide financial services in South Africa and have not responded to the FSCA’s enquiries. It also highlighted common warning signs of fraud, including unrealistic returns, social media-based offers, upfront payment requests, demands for additional payments to release investments, fees for training or onboarding, pressure to act urgently, and unclear product information, and encouraged consumers to verify authorisation details and licensing information via the FSCA’s channels.
South Africa Financial Sector Conduct Authority 2025-11-04
South Africa Financial Sector Conduct Authority warns of Telegram impersonation of Rhynco Wealth Management CEO tied to crypto investment promotions
The South Africa Financial Sector Conduct Authority (FSCA) issued a warning about Telegram groups falsely representing Rhynco Wealth Management, an authorised financial services provider. These groups are using Rhynco Wealth’s name and logo to promote unauthorized cryptocurrency investments. The FSCA advises caution and urges consumers to verify authorisation details through its official channels.