The Financial Sector Conduct Authority (FSCA) has, at last, issued a formal warning against Themba Selahle, a self-proclaimed Forex broker currently under investigation for numerous trading scams.
Here’s what the FSCA said about Themba Selahle
Months after Swisher Post published an exposé on Selahle’s shoddy business, the FSCA issued a formal statement, confirming our suspicions that doing business with the self-proclaimed trader is highly unadvised.
“Mr Selahle allegedly offers to trade in forex on behalf of members of the public. He promises high and unreasonable returns to clients and is alleged to ignore them when they attempt to withdraw their funds or their profits,” the financial sector authority noted.
The self-proclaimed king of all Forex traders offers express investment packages that return more than 200% profits in a week.
Of course, any legitimate broker will instantly scoff this off as an unrealistic promise and, more importantly, a money-swindling scam, and the FSCA agrees.
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“Without commenting on the business of Mr. Selahle or the products and services offered, the FSCA points out that persons offering to trade in financial products on behalf of South African citizens are required to be licensed by the FSCA,” the statement read.
As we had confirmed earlier this year, the FSCA made it categorically clear that Selahle “is not authorised to provide financial advisory and intermediary services in South Africa.”
This was the alleged Forex scammer’s response
Selahle, who spends most of his time on Instagram showcasing the flashy lifestyle he leads in Cape Town and recruiting more vulnerable investors, caught wind of the FSCA’s statement and, naturally, he scoffed off the warning as an attack on his mission to “make money for everyone.”
“My question is, why haven’t they come for my foundation then? Which is also not registered by the way. So it’s no problem when I take my own time, resources and money to reach out to the massand change lives? Take kids to school, pay for their registration fees and allowances, pay for hospital bills under the same Grootman foundation that’s not registered,” he exclaimed.
Our investigation into Selahle yielded enough material proof to suggest that, in all likelihood, the self-proclaimed Forex trader may be a scammer who uses the investments he receives from his blind-sighted followers to fund his flashy lifestyle.
Prior to his move to financial markets, Selahle garnered notoriety for selling sneakers and luxury apparel on social media and allegedly disappearing with his customers’ money.
It’s believed the alleged scammer is currently the subject of numerous criminal investigations lodged by his victims. Swisher Post was unable to ascertain whether the matter has been escalated to the Directorate of Priority Crime Investigation (DPCI) or the Hawks. in short, at the time this article was published.
Check out the latest episode of our lifestyle show, The Swisher Podcast, with Sanelisiwe Owetu Ntabeni and Zodidi Dano below:
