The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when dealing with individuals on Telegram who are impersonating Sterling Private Wealth (Pty) Ltd and its director, Graydon Morris, to solicit investments in Bitcoin. The FSCA said administrators of the Telegram groups “Leadership Graydon Morris” and “Sterling Private Wealth” are falsely claiming an association with Sterling, an authorised financial services provider with FSP number 32319, and are promising unrealistic returns, including claims that an investment of ZAR 10,000 could yield ZAR 100,000 within a short period. The regulator noted the group administrators are not authorised under any financial sector law to provide financial services, Sterling confirmed it has no affiliation with the Telegram groups or their activities, and the administrators did not respond to FSCA enquiries. The FSCA also highlighted common scam warning signs, including offers made via social media, guaranteed or high returns, urgent payment requests, refusal to provide licensing information, and demands for additional payments to release funds, and directed the public to verify authorisation using its official channels and registers.
South Africa Financial Sector Conduct Authority 2025-10-20
South Africa Financial Sector Conduct Authority issues public warning over Telegram impersonators of Sterling Private Wealth
The South Africa Financial Sector Conduct Authority (FSCA) warned about individuals on Telegram impersonating Sterling Private Wealth (Pty) Ltd and its director to solicit Bitcoin investments. These impersonators falsely claim affiliation with Sterling and promise unrealistic returns, such as turning ZAR 10,000 into ZAR 100,000. The FSCA advises the public to verify authorisation through official channels and be wary of common scam tactics like guaranteed returns and urgent payment requests.