The Financial Sector Conduct Authority (FSCA) advises the public to exercise caution when conducting financial services business with individuals impersonating PFS Wealth Management CC (PFS Wealth Management), FSP No. 18877, and its Key Individual (KI) Mr Gideon Lamprecht (Mr Lamprecht).
It has come to the attention of the FSCA that PFS Wealth Management and its KI are being impersonated on Telegram. The Telegram profile has been using PFS Wealth Management’s name, branding, and the details of its KI to solicit funds from members of the public. PFS Wealth Management has confirmed that neither it nor its KI are associated with the Telegram profile.
While the FSCA does not comment on the specific business model or services offered on Telegram, it is important to note that the administrator of the Telegram profile is not authorised under any financial sector law to provide financial services to the public.
Furthermore, the administrators behind the group failed to respond to the FSCA’s enquiries. The public is strongly urged to exercise caution when considering unsolicited investment or trading offers, especially those communicated through social media. The public is urged to act with care when investing their funds. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.