FSCA warns public about fraudulent Telegram group impersonating PSG Wealth
Image: File photo.
The Financial Sector Conduct Authority (FSCA) has issued a warning to the public regarding a Telegram group falsely operating under the name 'PSG Wealth (Pty) Ltd'.
The group misleadingly claims to be affiliated with PSG Wealth Financial Planning (Pty) Ltd (FSP number 728) and its representative, Elke Brink.
According to the FSCA, multiple reports have been received about the group soliciting money from unsuspecting individuals. Notably, the administrators are impersonating Brink and offering guaranteed returns of up to 100%, a clear red flag.
In a statement, PSG Wealth confirmed it has no association with the Telegram group or the individuals behind it. The firm also clarified that it does not conduct any business via the Telegram platform.
'The public must understand that PSG Wealth and Ms Brink are not in any way connected to this group. Any claims suggesting otherwise are unequivocally false,' says PSG.
Although the FSCA refrained from commenting on the group's exact operations, it confirmed that the administrators are not authorised under any financial sector law to offer financial services in South Africa. Attempts by the FSCA to engage with the individuals behind the group were ignored.
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Next
Stay
Close ✕
'The operators of this group failed to respond to our inquiries. Their conduct raises serious concerns, and we urge the public to remain vigilant,' says the FSCA.
The FSCA highlighted the growing number of fraudulent schemes circulating on social media platforms. Each year, South Africans lose millions to scams disguised as legitimate ventures.
'Social media is not a regulated financial environment. Fraudsters exploit these platforms to lure victims with unrealistic promises and urgency,' the FSCA cautioned.
Members of the public are encouraged to look out for the following warning signs when approached with investment opportunities: Promises of unrealistic or exaggerated returns
Investment offers via social media platforms
Requests for upfront payments
Demands for additional payments to release returns
Fees charged for 'training' or insider access
High-pressure tactics urging quick payment
Vague or unclear information about the investment product
To check if a person or company is authorised by the FSCA to provide financial services, the public can use the Authority's website or call the FSCA directly.
'The safest way to protect your money is to verify before you invest. When in doubt, contact the FSCA,' it says.
PERSONAL FINANCE
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The South African
an hour ago
- The South African
Will Mkhwanazi accept gift of cows from the public?
KwaZulu-Natal provincial commissioner Nhlanhla Mkhwanazi has been promised two cows from a fundraising initiative that raised close to R50 000 by his supporters. But is he permitted to accept it as a gesture of gratitude? Earlier this month, notorious X troll Chris Excel launched a crowdfunding initiative to gift Nhlanhla Mkhwanazi two cows as a 'token of appreciation.' The initiative was a hit, raising R44 000 for the top cop who went public with allegations of corruption within the police department. While some have claimed that accepting the gift would equate to 'bribery', officials say otherwise. KZN police spokesperson, Colonel Robert Netshiunda, told The South African that police may accept gifts, for any reason, provided that they declare that it is not a gratification. 'There is a gift register in the SAPS that police officers sign to declare all gifts', he said. According to Excel, the BackaBuddy funds will be released once Mkhwanazi publicly acknowledges the gesture. Meanwhile, Nhlanhla Mkhwanazi has garnered widespread support – from the public to political parties – around South Africa. 'Hands off Mkhwanazi' has been a trending topic on social media, with many publicly pledging to support the KZN commissioner. South Africans have even threatened to riot and loot should any action be taken against him. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 . Subscribe to The South African website's newsletters and follow us on WhatsApp , Facebook , X, and Bluesky for the latest news.
eNCA
3 hours ago
- eNCA
The Constitution's preamble on foreigners is misinterpreted
JOHANNESBURG - Operation Dudula's clean-up in the Gauteng province continues, on Saturday the organisation raided hijacked buildings in Rosettenville, in the south of Johannesburg. The group forcibly removed undocumented foreign nationals who were occupying these buildings illegally. Operation Dudula denies having xenophobic motives, and says its actions are meant to stamp out crime and criminality. In the past weeks, the movement and other affiliated groups blocked the access of foreign migrants to hospitals and clinics in Gauteng and other provinces. These acts have led to intense clashes between these groups and foreigners in which police had to intervene and defuse the situation. Operation Dudula's President, Zandile Dabula says the country's preamble on foreigners is misinterpreted. She says South Africa is for South Africans and can only accommodate legal and documented foreigners.
The South African
5 hours ago
- The South African
Another lie? Joslin's mom has 'dream' of her location
Social media users are reacting to rumours that Kelly Smith reportedly had a 'dream' about the location of her missing child, Joslin Smith. This comes as police confirmed that they were following up on new leads in the informal settlement of Middelpos. In May, the Saldanha Bay woman and two others, Jacquin 'Boeta' Appollis and Steveno van Rhyn, were convicted and sentenced by Western Cape High Court judge Nathan Erasmus for kidnapping and child trafficking. Last February, the blonde-haired, green-eyed girl disappeared from her home. According to witnesses, she was allegedly sold to a sangoma for the purposes of 'muti'. On social media, South Africans have been speculating after police confirmed that they were following up on new information about the disappearance of Joslin Smith. Many referred to a rumour that the little girl's mother – Kelly Smith – had 'dreamt' that Joslin was dead. She claimed her remains were located in Middelpos, where the Smith family resided. One Facebook user posted, 'Kelly apparently had a dream that she is buried in a drain in the cemetery behind Middelpos. Kelly is playing games.' Another added: 'Kelly Smith is probably the one who helped dig the hole then. Her hands and arms were full of sand'. A third added: 'I think that Kelly has possibly given the investigating officers information regarding who exactly it was that she sold Joslin to'. Is Joslin Smith still alive? According to rumours, her mother believes she is dead and her remains are buried near her home. Images via YouTube screenshot: SABC News. During an eight-week trial, witnesses relayed how Kelly Smith bragged about selling her daughter to a sangoma for R20 000. She also allegedly claimed her child had been trafficked by a Nigerian man. Kelly reportedly told her sister that Joslin could also be 'hiding' in the Middelpos informal settlement. Kelly and her co-accused refused to testify in court. In a statement, police confirmed that they were following up on new leads in the active investigation into Joslin Smith's disappearance. It read: 'SAPS teams led by detectives with K-9 members, search and rescue teams, and local police have been scouring an identified area in Saldanha Bay. Whether the ongoing search will yield any success remains to be seen. 'It is worth reiterating that police have an obligation to follow up and test all information that is brought to their attention'. Police appealed to the public to give them space and time to perform their duties as the investigation continues.' Meanwhile, Kelly Smith, Jacquin Appollis, and Steven van Rhyn will appeal their life sentences for kidnapping and child trafficking relating to Joslin Smith. National Prosecuting Authority (NPA) spokesperson Eric Ntabazalila confirmed that the trio will appear in the Western Cape High Court on 12 and 13 August. He said: 'All three have filed papers challenging both conviction and sentence. The NPA will oppose the applications, and we are confident that there are no prospects of success. State witness Lourentia Lombaard – a former accused – has yet to hear her fate from Judge Nathan Erasmus. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 . Subscribe to The South African website's newsletters and follow us on WhatsApp , Facebook , X, and Bluesky for the latest news.
