FSCA warns not all that glitters behind investment schemes is road to riches 

She has a degree in finance, works at a respected firm in Sandton, and has built a reputation for being a professional at the go-to company on all things money. But when she lost R10 000 in a Forex scam, she couldn’t bring herself to tell anyone – not even her closest colleagues. 

“I still can’t believe I fell for it,” she said, requesting anonymity. “Everything looked legit – the branding, the testimonials, the screenshots of profit charts.  

“They even showed happy clients who claimed they’d bought cars and paid off student loans.” 

The scam was dressed in excellence: high-end visuals, professional-sounding representatives, and an online trading app t showing her money “growing” daily. Then came the moment of truth. 

“The day I tried to withdraw, the system froze. Then I was locked out completely. My trader disappeared. The website vanished. My money was gone.” 

What followed wasn’t just financial pain – it was also psychological. 

“I was humiliated,” she said. “I’m a professional. I should’ve known better. But that’s exactly why I kept quiet. Because people don’t see victims of scams as victims. They see them as greedy. Or stupid.” 

Her story is a warning, not just about how fraud works, but who it targets.  

Scammers do not only prey on the desperate or uninformed. They are also targeting South Africa’s educated middle class – people who are more likely to have savings and less likely to report being conned because of how it might damage their image. 

This week, the prevalence of such scams prompted the Financial Sector Conduct Authority (FSCA) to issue a public warning against a social media influencer and alleged signal provider, popularly known as Money Teddy. 

“The FSCA warns the public to be cautious when conducting financial services business with Mr Teddy Thando Mutindori, also known as ‘Money Teddy’,” the FSCA said in a press release. 

The regulator revealed that Mutindori has been operating a WhatsApp channel called DrillionSignals, through which he offered Forex signals and promoted a trading robot to unsuspecting clients. 

“The FSCA received complaints that Mr Mutindori might have been providing unauthorised financial services through the DrillionSignals WhatsApp channel.”  

The warning comes amid a growing trend of online influencers portraying themselves as financial gurus. 

For victims like the Sandton-based professional, the illusion was complete. The app showed daily growth, the agent was always responsive – until the withdrawal request. “That’s when I knew I had been played. The friend who recruited me was equally alarmed because we both lost money and are both professionals.”  

The FSCA explained that such behaviour by signal providers constitutes a crime. “Online trading in financial products falls within the definition of financial services in the FAIS Act, and as such persons providing such signals require a financial services provider licence.” 

Mutindori, the FSCA said, is not authorised in terms of any financial sector law to provide financial services. “Notwithstanding our attempts to contact Mr Mutindori, he was unreachable. 

“The public should refrain from accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA.” 

The FSCA provides tools to verify financial services providers, including their toll-free number (0800 110 443) and two online search engines hosted on their website, www.fsca.co.za. 

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