The Financial Sector Conduct Authority has issued a public warning urging caution when dealing with individuals on Telegram who claim to be associated with Altvest Capital Solutions and its Chief Executive Officer, Warren Wheatley, and who are soliciting investments. The FSCA notes that Altvest Capital Solutions is a juristic representative of CAEP Asset Managers (Pty) Ltd, which is authorised under financial services provider (FSP) number 33933. Altvest Capital Solutions has confirmed it is not linked to the Telegram group administrators and does not conduct business through social media platforms or personal messaging applications, while the FSCA says it was unable to reach the administrators using the contact details available to it. The FSCA flags common scam indicators including unrealistic returns, unsolicited offers via social media, upfront payment requests, demands for additional payments to release funds, and pressure to act quickly, and it recommends that the public verify on the FSCA database that any entity and individual are authorised, that the advice category aligns with what they are offering, and that any FSP number used matches the licensed name on record.
South Africa Financial Sector Conduct Authority 2025-11-11
South Africa Financial Sector Conduct Authority issues public warning on Telegram users impersonating Altvest Capital
The South Africa Financial Sector Conduct Authority (FSCA) warns about individuals on Telegram falsely claiming ties to Altvest Capital Solutions and CEO Warren Wheatley to solicit investments. Altvest confirmed no connection to these individuals and does not operate via social media. The FSCA advises verifying authorizations and being wary of scams like unrealistic returns and unsolicited offers.